Several scientific papers have recently debunked this; they can't find any ash layer from a Krakatau eruption in 538 AD.
However, as is typical, you'll not see a big deal made of this in the popular media or on TV documentaries.
Before that year Krakatoa was a volcano ON land. After that year Krakatoa was a volcanic cauldera UNDER water.
The fellow in UK who came up with the idea said the explosion was so big it launched the magma far beyond the stratosphere ~ the result is no big deposits anywhere.