Kraken Sued For $907,631 By Former Trading Desk Manager

Kraken Sued For $907,631

Kraken Sued For $907,631 By Former Trading Desk Manager

Kraken Sued For $907,631

Jonathan Silverman, a former employee at United States-based crypto exchange Kraken is suing the firm for over $900,000, claiming the exchange failed to pay him for his work.

Jonathan who reportedly joined the exchange in April 2017 to manage institutional sales and its trading desk in New York claims he reached an oral agreement with exchange founder Jesse Powell to receive a $150,000 salary, as well as 10% commission of the trading desk’s annual profit.

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Via his lawsuit filed in New York on April 4th, Silverman reportedly claims the trading desk took in over $19 million in profits during three months in 2017, but that he received neither the commission nor the promised additional stock options.

Bloomberg notes that a Kraken spokesperson, Christina Vee, said that Silverman is “both lying and in breach of his confidentiality agreement.”

Silverman’s figure roughly aligns with similar failure-to-pay claims made in a separate lawsuit from one-time Kraken employee Robert Adler, who has alleged the New York trading desk made $19 million in profit between September 15, 2017 and the end of that year.

After vacating the firm, Silverman claims he reached an agreement with Kraken that would pay him $907,631 as a lump sum settlement. The platform has nonetheless refused to make the payment, his lawsuit alleges.

The Silverman lawsuit reportedly accuses Kraken of:

“Misrepresenting to the public and government regulators that it was not operating in New York; when in reality, Kraken’s OTC practice, and OTC trading (including logging into the Kraken exchange and negotiating wire transfers) occurred almost exclusively in New York.”

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