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

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 there. Bloomberg reported the news on April 7.

Jonathan Silverman — 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.

In his lawsuit filed in New York on April 4, 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 reportedly 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 leaving 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, h