Crypto exchange Kraken has taken legal action against derivatives firm PowerTrade, alleging the company improperly manipulated its account balance. According to the legal filing, PowerTrade swung Kraken's roughly $7 million positive balance into a $2 million deficit through a series of unauthorized 'corrections.' These adjustments reportedly related to trades that had already expired or settled months earlier, raising questions about how the changes were justified. Kraken characterizes the actions as a misappropriation of funds, representing a swing of approximately $9 million against its position. The dispute highlights ongoing tensions in the crypto derivatives sector, where counterparty risk and settlement practices remain contentious. The case adds to a growing list of legal conflicts among crypto trading firms as the industry matures and scrutiny over financial conduct intensifies. PowerTrade has not yet publicly responded to the allegations detailed in the filing.
— Sponsored —
Trade smarter on BYDFI
Get a bonus on your first deposit — from $50 at $100, up to $2,000 at $20k. 200x leverage, 600+ perpetuals, deep liquidity.