Kraken parent company sues derivatives platform PowerTrade, accusing it of 'misappropriating' $7.2 million in funds

CoinFeed June 25 news, according to CoinDesk report, Kraken parent company Payward has applied in U.S. federal court to investigate and collect evidence against crypto derivatives platform PowerTrade and its co-founder, accusing it of 'misappropriating' approximately $7.2 million in digital assets and unrealized gains. The complaint states that PowerTrade unilaterally, through about 100 'correction' transactions, retroactively canceled profitable positions that had expired or settled months earlier, changing Payward's account at PowerTrade from a positive balance of over $6 million to a negative balance of nearly $2 million, and attempted to seize its Bitcoin collateral based on this. Payward has obtained a worldwide asset freezing order from the Dubai International Financial Centre courts and has initiated further legal proceedings in multiple jurisdictions.