Payward sues PowerTrade, accusing it of misappropriating $7.2 million in assets and tampering with balances

According to CoinDesk, Kraken's parent company Payward has applied for an investigation and evidence collection in the US federal court against PowerTrade and its co founders, accusing them of misappropriating approximately $7.2 million in digital assets and unrealized gains. The lawsuit alleges that PowerTrade retrospectively cancelled settled profit positions through approximately 100 transactions, changed the Payward account from a positive balance of over $6 million to a negative balance of nearly $2 million, and attempted to misappropriate its Bitcoin collateral. Payward has obtained a temporary global asset freeze order from the Dubai International Financial Centre Court and has initiated legal proceedings in multiple locations.