Where is the Kraken?

I've heard talk that there's a giant sea monster hidden as an Easter egg in SimplePlanes. Most people call it The Kraken although apparently it's referred to in the game files as Cthulhu.

Where is this beast?

A fairly good video guide can be found here. I will try to summarize the proper steps needed to find it.

1. Start up the game and fly towards the pointed rocks around the coast of the island you start around
2. Keep flying out into sea until you see two smaller islands fairly far apart from one another. You should be on the left side of both of these islands
3. Keep flying past these islands, and eventually you should see another slightly larger island in front of you after flying past the two smaller islands. Head towards it

This last island you are flying towards in step 3 is really the top of the Kraken's head. As you get closer, the Kraken will rise out of the water, allowing you to enter inside of it.