Former Trading Manager Sues Kraken Crypto Exchange for $900,000 Over Alleged Failure to Pay

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

On 7th April Bloomberg reported a former worker at United States-based crypto exchange Kraken is suing the firm for over $900,000, claiming the exchange did not pay him for his work there.

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

In his lawsuit filed in New York on 4th April Silverman reportedly claims the trading desk took in over $19 million in profits during 3 months in 2017, however, that he received neither the commission nor the reportedly promised additional stock choices.

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

The Silverman lawsuit runs deeper than an alleged breach of personal agreements, for it reportedly accuses Kraken of the following:

“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.”

Bloomberg reports that Silverman was one of at least two allegedly employed at Kraken’s New York trading office.

Bloomberg more cites 2018 New York lawyer General report on crypto exchanges that enclosed Kraken as one of the platforms purported to be operating internal trading desks that buy and sell on their own market — aboard Bitfinex, bitFlyer and Poloniex.

According to Bloomberg, Richard Johnson, an analyst at Greenwich Associates, called the alleged practice a “dirty little secret of the crypto exchange world.”

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