Kraken Ex-Manager Suing Exchange Over $900,000 Alleged Unpaid Commission

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An ex-employee is suing cryptocurrency exchange Kraken, the world’s largest bitcoin exchange in euro volume and liquidity.

Jonathan Silverman, who was previously employed by the company’s trading desk in New York claims he is still owed a commission on USD 19 million profits accrued over three months in 2017. The commission still owed, amounting to 10%, is over USD 900,000, claims Silverman.

At the time, the company’s founder Jesse Powell is said to have offered the trading desk manager a salary of USD 150,000 with a verbal agreement of 10% commission of the trading desk’s annual profit, according to the suit filed in New York on 4 April.

Christiana Vee, a spokesman for Kraken, was clearly highly skeptical of the claim, suggesting that Silverman “is both lying and in breach of his confidentiality agreement”. Founder Powell himself is not unused to friction, once attacking the New York Attorney General after being asked for more information about the exchange, suggesting that that “most crypto traders” aren’t concerned about “being protected from market manipulation” even though “scams are rampant”.

Clearly unhappy with New York’s regulators, Powell tweeted last year, We made the wise decision to get the hell out of New York three years ago”. The company made a farewell statement which was attacked New York’s BitLicense, introduced by the Department of Financial Services.

“Regrettably, the abominable BitLicense has awakened. It is a creature so foul, so cruel that not even Kraken possesses the courage or strength to face its nasty, big, pointy teeth.”

David Silver, representing Silverman and his claim for restoration over the alleged missing commission, prewarned Kraken in comments made in an emailed statement, arguing: “Just because some people in the cryptocurrency space don’t believe the rules apply to them doesn’t mean that’s the way things actually work.”

The lawsuit argues that Kraken “refused” to pay out the lump sum settlement of USD 907,631, despite the agreement.

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