The cryptocurrency world has been rocked by the news of Kraken closing its support centre and offices in Halifax, Canada. The report first appeared on Reddit, and soon made its way to Twitter. The first Reddit user to break the news claimed that Kraken had just “laid off hundreds of people in response to a security breach” at its unit at 60 Highfield Park. According to another user, there was commotion at the premises with private security escorting people out of the building. Low trading and support ticket volumes While commenting on the same issue, another user who claimed to be privy to the situation insisted that staff were informed of the closure during a mandatory meeting at 10am. The reason given was that the company had to reduce operational expenses due to low trading and support ticket volumes. The report mentions a plan to open new offices in Asia as another reason for the alleged closure. Baseless rumours However, Kraken's support representatives have refuted the reports, saying they are unfounded. In a number of tweets, they deny the occurrence of a security breach or the closure of their offices. One of the posts stated: “We can confirm that we are not shutting down any operations in any specific place, and there has been no security breach. Everything is fine & secure.” Another stated that the exchange is "100% secure." Smoke without fire? Is something going on at Kraken that they do not want traders to know about? At the beginning of the year, the exchange told Business Insider that it planned to bring on board 800 new employees. However, in April, it pulled its trading services from Japan, citing high operational costs. Kraken’s ranking by volume has since increased from 14th to 11th according to coinmarketcap.com, with a trading volume of $274 million.