It sure is .. i got my first kraken attack yesterday.. spent hours on my voyage and was traveling to a outpost to deliver merchant with a fully loaded chickenboat when i encountered another brig. I rang the deckbell and made evasion pattern delta six spinning the wheel dropping sails and made a escape run to sea but i did not get far.. the sea turned black and some ancient horror grabt the chickenboat! I fought off some tentacles but then i got launched so far from the boat that by the time i got back the chickenboat sank for my eyes.
against the launch into the water i stood no chance alone.. hours of gaming wasted.. over 50 animals drowned

It was awesome yesss but the timing was a bit like mwoah -.-

I just witnessed the Kraken coming out of the water and attacking a galleon that had JUST cleared a Skeleton Fort at Crow's Nest Outpost and was making its way to Plunder Outpost. They were completely unprepared to face it and it sank their ship quite easily, losing all of their spoils.
I'll bet they wish the Kraken wasn't back in the game now, haha.

@stewedmantella Sail around with a galleon full of treasure and you will most likely run into the Kraken!

@stewedmantella my galleon and 2 friendly alliance ships all got caught today transporting our loot from a fort to the outpost, quite awesome to be involved in a 3 ship vs kraken battle while all being hold back by the tentacles!

Briefly during some timed events but she's been back in the water for weeks and probably at this moment trying to eat a ship

@stewedmantella Yes she is back in the game now! :D