Dear @krakenfx @arjunsethi I am requesting a PUBLIC market integrity review of $DOG (Bitcoin Rune) trading on Kraken I have been observing unusual order book behavior on $DOG/USD for some time. Following the extreme price action on September 21, I began collecting and analyzing Kraken market data. The results deserve an explanation SEPTEMBER 21 (EXECUTED TRADES) Kraken recorded several extremely concentrated bursts of executed $DOG volume: • 18:03:28 UTC - ~47.0M $DOG in 1 second • 18:31:12 UTC - ~33.8M $DOG in 1 second • 18:31:46 UTC - ~48.6M $DOG in 1 second • 20:12:35 UTC - ~32.9M $DOG in 1 second • 20:22:53 UTC - ~45.4M $DOG in 1 second During the 18:31 event alone, approximately 93M $DOG traded in ~34 seconds, while executions reached from $0.001156 down to $0.000723 , an intraburst decline of approximately 37% The lowest execution at $0.000723 was followed by a recovery above $0.0009 in less than one second and above $0.0010 roughly two minutes later (actual Kraken executions) SEPTEMBER 24 (LIVE KRAKEN ORDER BOOK MONITORING) I then began recording Kraken’s $DOG/USD L2 order book together with executed trades In less than 50 minutes, the analysis recorded: • 66 reductions of displayed 20M+ $DOG liquidity • 117,590,198 $DOG of cumulative displayed liquidity removed • 0 $DOG matched by executions at those levels within the matching window • 0.00% trade explained • 100.00% unexplained by executions The data also records repeated automated CANCELLATION/REPLACEMENT behavior, including displayed liquidity being removed and subsequently restored extremely quickly To be very clear: I am NOT claiming that this evidence alone proves spoofing, identifies a particular participant, or establishes manipulative intent I am asking Kraken’s market surveillance team to investigate and explain what the data represents My questions to @krakenfx and @arjunsethi are: 1.Has Kraken reviewed the September 21 $DOG/USD executions and the extreme temporary price dislocation? 2.Were these events flagged by Kraken’s market surveillance systems? 3.What caused repeated tens of millions of $DOG execution bursts within individual seconds? 4.Can Kraken explain the persistent large displayed liquidity cancellation/replacement patterns visible in its order book? 5.Does Kraken consider this activity consistent with ordinary market making and normal operation of the $DOG/USD market? “I am specifically requesting a PUBLIC response from Kraken” This concerns the integrity and operation of a public market used by all $DOG participants. It is not an individual account or customer support issue I am fully prepared to provide Kraken’s market surveillance/compliance team privately with the raw trade data, raw L2 order book data, exact UTC timestamps and analysis methodology so that every figure above can be independently verified. However, because these events occurred on a public Kraken market and affected its participants, I believe Kraken’s findings and explanation should also be made public. “This is not an accusation” It is a documented request for transparency and a market integrity review. $DOG holders, traders and Kraken customers deserve a clear technical explanation @krakenfx @arjunsethi Best Regards $DOG