Kraken sues crypto derivatives firm PowerTrade over ‘misappropriated’ funds claim
PowerTrade changed Kraken’s positive balance of around $7 million to a $2 million deficit via a series of unauthorized “corrections” related to trades that had expired or settled months earlier, according to a legal filing.
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Summary
- Kraken parent company Payward filed an application with a U.S. federal court to obtain discovery from various U.S.-based financial institutions about PowerTrade and its co-founders.
- “The discovery we seek will help Payward identify additional assets to freeze and ensure that bad actors like PowerTrade are not able to harm others in the industry,” Kraken said in a statement.
