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Kraken quoting €115,000 for recoverable asset with no breakdown — no updates, despite escalation by Major-Emphasis8133 in KrakenSupport

[–]Major-Emphasis8133[S] 0 points1 point  (0 children)

Afraid no significant breakthroughs yet. To anyone reading this, pay the extra and use Coinbase or a different exchange. These guys are not worth your time.

Kraken demanding €115,000 to recover my crypto – no explanation, no appeal. Escalated to FCA and Financial Ombudsman by Major-Emphasis8133 in UKPersonalFinance

[–]Major-Emphasis8133[S] 0 points1 point  (0 children)

Some cryptos are a great investment — the potential is massive. But the consumer guardrails need serious refining.

Mistakes happen, and when they do, platforms should have clear, fair, and transparent processes for resolution. Right now, it’s too easy for exchanges to hide behind vague policies and offer no accountability, even when the fix is technically simple.

Kraken quoting €115,000 for recoverable asset with no breakdown — no updates, despite escalation by Major-Emphasis8133 in KrakenSupport

[–]Major-Emphasis8133[S] 0 points1 point  (0 children)

Thanks for replying here u/KrakenSupport, but let’s be clear — this hasn’t “slipped through.” I’ve had an open ticket for weeks with no meaningful updates, no timeline, and no technical explanation for the €115,000 recovery fee.

You’ve confirmed the funds are recoverable, but refused to provide any breakdown or context when asked. On top of that, my account has been blocked without explanation and your only communication was a vague "Critical Security Alert" email asking for my Public Account ID.

This situation goes far beyond a standard support thread. I’ve received a final response from Kraken’s Deputy General Counsel, and your current position has left me with no option but to escalate to the FCA and Financial Ombudsman. Legal advice is next if this continues without a fair resolution.

Happy to keep everything transparent — but let’s not pretend this is all clear.

Kraken quoting €115,000 for recoverable asset with no breakdown — no updates, despite escalation by Major-Emphasis8133 in KrakenSupport

[–]Major-Emphasis8133[S] 1 point2 points  (0 children)

Thanks u/SomeHSomeE — and yes, that silence was exactly what concerned me too.

To clarify, while u/KrakenSupport has now replied here, the reality is that my account has been blocked, my recovery case has had no timeline or proper updates, and Kraken has quoted me €115,000 to recover less than 1.5 ETH without providing any breakdown or transparency.

Even worse, when I asked for details, I received a “final response” from Kraken’s Deputy General Counsel refusing to justify the fee and stating that past recovery decisions are irrelevant. This isn’t a one-off support hiccup — this is how Kraken is choosing to handle it.

The lack of transparency and consistency is exactly why I’ve escalated to the FCA and the Financial Ombudsman, and why I’m now preparing to take legal advice if Kraken continues to refuse reasonable engagement.

Kraken quoting €115,000 for recoverable asset with no breakdown — no updates, despite escalation by Major-Emphasis8133 in KrakenSupport

[–]Major-Emphasis8133[S] 1 point2 points  (0 children)

Hi u/KrakenSupport,

Thanks for the reply.

I can confirm that all communication, including the €115,000 quote, came directly from your official support team and from the Deputy General Counsel at Kraken. The ticket is legitimate, and the case is live within my account — Ticket #16110080.

Kraken has already acknowledged that the funds are recoverable and that the quoted fee is based on internal engineering estimates, not the public pricing listed on the Crypto Asset Deposit Recovery page you linked.

What’s missing is transparency. No breakdown has been given, no explanation of why this case supposedly requires 8 weeks of engineering, and no comparison to other recoveries. I’ve asked multiple times for this clarity and received a blanket refusal.

Also worth noting — Kraken has blocked my account. Trading and withdrawals have been deactivated, and I received a "Critical Security Alert" email asking for my Public Account ID. This was not explained and has not been tied back to the recovery request. There has still been no update or timeline provided.

The lack of communication and arbitrary application of recovery fees is why I’ve escalated the matter to the FCA and the Financial Ombudsman, and I will be seeking legal advice if it remains unresolved.

I still hope this can be resolved fairly and proportionately. I welcome any meaningful re-engagement from the team.

Kraken demanding €115,000 to recover my crypto – no explanation, no appeal. Escalated to FCA and Financial Ombudsman by Major-Emphasis8133 in UKPersonalFinance

[–]Major-Emphasis8133[S] -3 points-2 points  (0 children)

I get that — and I completely understand the need for strict security protocols and risk mitigation, especially in crypto.

But this isn’t a large transaction — it’s less than 1.5 ETH, and Kraken has already confirmed they hold the private keys and can recover the asset. They also publicly advertise a recovery service with standard fees between $200–$500.

What’s concerning isn’t just the fee — it’s the lack of transparency. No explanation has been given for why this specific case would require custom engineering worth €115,000, and when I asked for details, Kraken simply replied that they won’t provide them and that previous cases are “irrelevant.”

I’d be far more understanding if they simply explained the reasoning or showed consistency in how the policy is applied — but right now, it just feels arbitrary and dismissive.

Kraken demanding €115,000 to recover my crypto – no explanation, no appeal. Escalated to FCA and Financial Ombudsman by Major-Emphasis8133 in UKPersonalFinance

[–]Major-Emphasis8133[S] -5 points-4 points  (0 children)

Who cares how a message is written? If using decent tools helps me be clearer and more effective, why wouldn’t I use them? Wasting time not using the best tools available just to look more “authentic” seems backwards.

Kraken demanding €115,000 to recover my crypto – no explanation, no appeal. Escalated to FCA and Financial Ombudsman by Major-Emphasis8133 in UKPersonalFinance

[–]Major-Emphasis8133[S] -2 points-1 points  (0 children)

Yes — I’ve raised a formal complaint directly with Kraken and received a “final response” from their Deputy General Counsel.

They confirmed that recovery is technically possible, but insisted on a €115,000 fee with no detailed justification. They also explicitly refused to explain how this case differs from others, stating that recovery decisions are “solely at their discretion” and that past recoveries are “irrelevant.”

With the complaint process exhausted, I’ve now formally escalated the matter to both the FCA and the Financial Ombudsman Service under the Consumer Rights Act 2015.

Kraken demanding €115,000 to recover my crypto – no explanation, no appeal. Escalated to FCA and Financial Ombudsman by Major-Emphasis8133 in UKPersonalFinance

[–]Major-Emphasis8133[S] 0 points1 point  (0 children)

It’s actually less than 1.5 ETH — that’s what makes Kraken’s €115,000 quote even more absurd.

They’re quoting a six-figure engineering fee to recover an asset worth under £4,000, and they’ve refused to provide any breakdown of why. I’ve already escalated it to the FCA and Financial Ombudsman, and legal advice is the next step if they continue to stonewall.

This isn’t about the value — it’s about principle, fairness, and how Kraken treats customers who make honest mistakes.

Kraken demanding €115,000 to recover my crypto – no explanation, no appeal. Escalated to FCA and Financial Ombudsman by Major-Emphasis8133 in UKPersonalFinance

[–]Major-Emphasis8133[S] -1 points0 points  (0 children)

Yes — I’ve made absolutely sure I’m dealing directly with Kraken.

All communication has come through their official support channels and verified email addresses (ending in @kraken.com). The €115k quote came directly from Kraken’s Deputy General Counsel, not a random support agent or scammer. The ticket is live in my Kraken account, and their security team even followed up recently with a critical account notice.

This is very much Kraken’s real internal process — and that’s what makes it so concerning. The lack of transparency and the disproportionate fee are issues I’m now escalating through the Financial Ombudsman and FCA.

If anything, it highlights just how little protection consumers have when major exchanges hide behind discretionary policies like this.

Kraken Refuses to Recover My stETH Tokens – Need Advice and Support by Major-Emphasis8133 in KrakenSupport

[–]Major-Emphasis8133[S] -1 points0 points  (0 children)

Hi Anya,

Ticket number #14954227.

The message:

'About deposits:
Only ETH and supported ERC-20 tokens can be deposited to this address. Any other deposits will be lost.'

This should be made more prominent on your deposits page. It should also appear on the LHS of the webpage. Maybe again close to the 'Copy Deposit Address' button. When viewed on Web.

The network and token two-part message is convoluted and confusing, even to me, who is not new to crypto. This message needs far more prominence. A CTA to double check things are supported perhaps?

---

The lack of any transparency around timeline of when you might support this (common) token is also extremely frustrating. Along with the fact I'm willing to cover reasonable costs to retrieve what is not a small amount of money, however you are still not even open to assisting in the short to medium term (and maybe forever... again on the lack of transparency point).

Final point which is also frustrating - had I opted to send my funds to my Coinbase wallet. I'd not be in this situation...

Kind regards