Kraken sues crypto derivatives firm PowerTrade over 'misappropriated' funds claim
CoinDesk·
60-second summary
Kraken is suing crypto derivatives firm PowerTrade, alleging that the company misappropriated funds by changing Kraken's positive balance of over $6 million to a $2 million deficit through unauthorized "corrections" related to expired or settled trades, which occurred months earlier. This action has significant implications for the crypto derivatives market, highlighting potential risks of unregulated trading practices.
PowerTrade changed Kraken’s positive balance of more than $6 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.