kraken account was closed

koffea

koffea

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It seems like secondary and tertiary wallets are on their radar these days.

At minimum I ran one buffer wallet, and usually it was two.

Pretty annoyed about this, kraken was a platform I actually liked, I had plenty of automated trading running and my results were decent.

Not sure if converting through cake wallet to xmr or something along those lines would be a smarter route. I mean, if they notice you using a dex, doesn't that raise a red flag as well?

I have to wonder whether my money will come back to me now
 
The deeper I dig into how Kraken operates, the worse my opinion of them gets. A couple of weeks back I deposited $500 in cash into my account. Yesterday I wanted to spend part of it, so I swapped it into crypto. Then they slapped a hold on it. That's absurd and a real hassle. Over on CB, I deposited funds, converted them, and sent them out with zero issues. The moment I can move my coin off their platform, I'm done dealing with them.
 
Mushmouth said:

The deeper I dig into how Kraken operates, the worse my opinion of them gets. A couple of weeks back I deposited $500 in cash into my account. Yesterday I wanted to spend part of it, so I swapped it into crypto. Then they slapped a hold on it. That's absurd and a real hassle. Over on CB, I deposited funds, converted them, and sent them out with zero issues. The moment I can move my coin off their platform, I'm done dealing with them.
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No matter how long you've kept cash sitting in that account, Kraken still slaps a one-week hold on your crypto, it seems. These days I stay with CB since I can get to my money right away.
 
Up to this point, Kraken has treated me fine. I move funds from my checking account into Kraken, and I'm aware that a week has to pass before those funds become usable. Because of that, I keep some money sitting there at all times and plan in advance. Whenever a vendor needs to be paid, I send from Kraken to Exodus and then make the payment out of Exodus. Naturally, a bunch of fees pile up at each step.

No problems yet, but there's no telling what might be around the corner.

To me, Exodus functions as my burner wallet--I'm not clear on what you mean by buffer wallet. Kraken has no way of knowing who I eventually paid, so I figure I'm okay... at least for the time being.
 
AngieHolmes said:

No matter how long you've kept cash sitting in that account, Kraken still slaps a one-week hold on your crypto, it seems. These days I stay with CB since I can get to my money right away.
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Same here. My plan was to use kraken for XMR so things would be more anonymous. But after seeing that kraken shuts down many accounts without a good reason, and on top of that they make it a hassle to use, I'll pass
 
koffea said:


They must be looking at secondary and tertiary wallets now.

I always used at least one buffer wallet, most of the time I used two.

Really frustrated, I liked kraken, I had a lot of automated trading going on and was doing fairly well with it.

Maybe cake wallet conversion to xmr or similar is better, I am not sure. I mean if they see you going through dex, isnt that a red flag too?

Wonder if I will get my money back now

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Man, that's rough - hopefully the loss wasn't big - chances are you'll recover it anyway.

Exodus is what I use - as far as I can tell, paying for peptides isn't something they'd close a wallet over. Nothing locked up - none of that nonsense - I'm kinda partial to them - back when I was brand new, had zero sol for gas, and had no clue how to swap usdc into sol, they even tossed me some sol for nothing - later on I figured out simpleswap.

Honestly I'm still green at crypto....but picking things up...
 
For my first purchase I attempted to go through Kraken, but once they and every one of my bank accounts had sent me in circles, I quit. My bank got flagged by them and a fraud alert was placed on it — that part wasn't a big deal — yet the exact same thing then occurred with each additional account / card I attempted with them. It has to do with the way they operate. In the end I went with Trust Wallet and it worked perfectly the first time no holds.
 
I used Coinbase for bank funding, then once the money cleared I moved it offsite to a ledger nano. The only hassle was Coinbase flagging fraud and making me verify my identity every time.
 
FartfulCodger said:

Up to this point, Kraken has treated me fine. I move funds from my checking account into Kraken, and I'm aware that a week has to pass before those funds become usable. Because of that, I keep some money sitting there at all times and plan in advance. Whenever a vendor needs to be paid, I send from Kraken to Exodus and then make the payment out of Exodus. Naturally, a bunch of fees pile up at each step.

No problems yet, but there's no telling what might be around the corner.

To me, Exodus functions as my burner wallet--I'm not clear on what you mean by buffer wallet. Kraken has no way of knowing who I eventually paid, so I figure I'm okay... at least for the time being.
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On the blockchain, all of it is visible to anyone. Where everything ends up can be traced by them. My wish is that privacy-focused chains such as Monero had wider adoption, since they build in far greater anonymity. It isn't flawless, but tracing it is harder than with nearly anything else.
 
FartfulCodger said:

Up to this point, Kraken has treated me fine. I move funds from my checking account into Kraken, and I'm aware that a week has to pass before those funds become usable. Because of that, I keep some money sitting there at all times and plan in advance. Whenever a vendor needs to be paid, I send from Kraken to Exodus and then make the payment out of Exodus. Naturally, a bunch of fees pile up at each step.

No problems yet, but there's no telling what might be around the corner.

To me, Exodus functions as my burner wallet--I'm not clear on what you mean by buffer wallet. Kraken has no way of knowing who I eventually paid, so I figure I'm okay... at least for the time being.
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Basically the same approach as mine, only I inserted an additional wallet, meaning a second buffer wallet. Just one time did I make a purchase using a single buffer wallet.

The trouble here is that the pattern is easy to anticipate, and with AI it becomes trivial to spot. Everything on the blockchain is fully transparent.

Monero is the answer, though its instability makes pricing difficult for vendors. It also complicates my timing, since I may believe I have enough, then it falls 100 and I don't. That's why I get their preference for USDT.

A privacy coin built on ERC20, that would be fantastic
 
tekkit said:

On the blockchain, all of it is visible to anyone. Where everything ends up can be traced by them. My wish is that privacy-focused chains such as Monero had wider adoption, since they build in far greater anonymity. It isn't flawless, but tracing it is harder than with nearly anything else.
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I had a feeling somebody would jump in and mention that......The only thing that wallet accomplishes is adding one more hop, something the majority of 'on-ramp' services simply weren't doing....
 
Flash-BCR said:

I had a feeling somebody would jump in and mention that......The only thing that wallet accomplishes is adding one more hop, something the majority of 'on-ramp' services simply weren't doing....
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Yep. Whether there are no additional steps or 100 of them, it really doesn't matter either way. They're simply linked hops along a public path. It's a shame SOL isn't built with more of a privacy focus.
 
I gave up on wallets a few years back, when bitcoin fees were steep and that additional transfer actually cost me something. Other coins have lower fees, but laziness won out and I never bothered picking the habit back up. These days I just buy crypto with my debit card, move it along minutes afterward, and leave only a small amount of spare cash sitting in the account as a cushion.

After going through this thread, I'm wondering whether I ought to bring a wallet back into the mix. On the other hand, if AI can trace the blockchain without any trouble, is there really any point in going to the effort?
 
FunkyWhales78 said:

I gave up on wallets a few years back, when bitcoin fees were steep and that additional transfer actually cost me something. Other coins have lower fees, but laziness won out and I never bothered picking the habit back up. These days I just buy crypto with my debit card, move it along minutes afterward, and leave only a small amount of spare cash sitting in the account as a cushion.

After going through this thread, I'm wondering whether I ought to bring a wallet back into the mix. On the other hand, if AI can trace the blockchain without any trouble, is there really any point in going to the effort?
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Make sure you get a wallet and use it....Even with AI in the picture, crypto transfers that leave a wallet aren't under scrutiny at this point....that said, what the OP describes could be a sign Kraken is beginning to snoop....should that grow into a bigger issue, then it'll be time to "Improvise, adapt, and overcome".... 👍
 
Bushman said:

Besides kraken and coinbase, which other platforms are worth trying?
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CoinBase is still what I use for bringing in dollars and converting them to crypto...until I'm forced to switch, I don't see any reason to do so....
 
I've had several accounts shut down, so these days I'm moving funds from Wealth Simple over to Exodus.
 
tekkit said:

Yep. Whether there are no additional steps or 100 of them, it really doesn't matter either way. They're simply linked hops along a public path. It's a shame SOL isn't built with more of a privacy focus.
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How about routing it through 1 or 2 DEX
 
Flash-BCR said:

Make sure you get a wallet and use it....Even with AI in the picture, crypto transfers that leave a wallet aren't under scrutiny at this point....that said, what the OP describes could be a sign Kraken is beginning to snoop....should that grow into a bigger issue, then it'll be time to "Improvise, adapt, and overcome".... 👍
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Checking r/krakensupport, this has been happening for at least a couple of years
 
Mushmouth said:

How about routing it through 1 or 2 DEX
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Honestly, I'm not sure about this. If they notice portions of your funds heading to a dex, that tells them you're swapping money outside of their platform. My guess is that dex swaps will get flagged at some point down the line, but as of right now it's probably fine.
 
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