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EXPOSED: Kraken CEO Jesse Powell Slams The Block for Publishing Fake News

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Wed, 03/13/2019 - 18:37
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  • 💥📜Jesse Powell calls The Block’s piece ‘an attack’ on his company and expects an apology from Mike Dudas

Cover image via U.Today
Contents

Kraken CEO Jesse Powell has had a heated Twitter conversation with The Block founder Mike Dudas. Powell explicitly criticized Dudas for presenting ‘factually inaccurate statements’ in an article that accused Kraken of reporting fake trading volumes.

A tip-off from an anonymous trader

The hit piece that was published by The Block on March 13 cites an anonymous trader who allegedly revealed how an institutional account executed a stop order ‘well below’ the set price. 10K worth of Ethereum (ETH) was enough for the asset’s price to dip 4 percent, which could be an indicator that Kraken wouldn’t report its true trading volumes.

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False and misleading information  

In response, Powell claims that the assumptions and conclusions that were presented in the article are factually false. Hence, it proves that the ‘trader’ behind the tip-off never had any basic understanding of the market. Apart from that, the article contains a lot of blatantly misleading information. For instance, the ‘10K worth of Ethereum’ remark would make uninitiated readers believe that $10,000 (or 76.28 ETH at the time of writing this article) would be able to affect the ETH price.

Is The Block in bed with Coinbase?

Prior to that, Powell accused Dudas of being ‘an epic Neutrino apologist’ for trying to silence the #DeleteCoinbase controversy. The Block writer Larry Cermak claimed that Coinbase has no influence on their coverage, but Powell didn’t buy that.

With that being said, The Block readers have every right to be concerned about a potential conflict of interests. Dudas himself claimed that he has ‘multiple good friends’ from Coinbase, and the $8 bln exchange actually invested in his media company on top of that all.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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