Kraken sues PowerTrade, alleging $7.2M in misappropriated assets and unrealized gains
Coindesk •
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Promote with Leviathan NewsKraken parent Payward filed in U.S. federal court seeking discovery from financial institutions tied to PowerTrade and its co-founders after accusing them of misappropriating $7.2M in digital assets and unrealized gains. Kraken says PowerTrade used around 100 unauthorized retroactive “corrections” to flip its account from more than $6M positive to nearly $2M negative after Kraken tried to withdraw funds during October 2025 market stress. Payward says it has already obtained a worldwide freezing order from Dubai’s DIFC courts and is trying to locate more assets before PowerTrade can lean on the artificial debt to seize Kraken’s bitcoin collateral.
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