Kraken sues crypto derivatives firm PowerTrade over alleged $6 million theft

Kraken's parent company Payward filed a federal lawsuit claiming PowerTrade and its founders misappropriated over $6 million through unauthorized account corrections on expired trades.

• Payward says PowerTrade retroactively canceled profitable trades that had settled months earlier to create a negative balance
• The lawsuit claims PowerTrade moved Kraken's account from a positive $6 million balance to a negative $2 million deficit
• Kraken says it became concerned about PowerTrade's liquidity in October 2025 and tried to withdraw funds but could not
• PowerTrade is a high-leverage derivatives platform based in the UAE, co-founded by Mario Gomez Lozada and Bernd Sischka

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