Bitcoin Exchange Kraken Sued by Former Trading Desk Manager
- Trading desk manager alleges he was promised a 10% commission
- Suit says New York desk generated over $19 million in profits
A former employee of Kraken, one of the oldest Bitcoin exchanges, is suing the crypto platform for allegedly failing to pay him for work he did.
Jonathan Silverman, who was hired in April 2017 to manage Kraken’s institutional sales and trading desk in New York, is demanding compensation in excess of $900,000, according to a suit filed April 4 in New York. That’s based on an agreement Silverman says he reached with Jesse Powell, the San Francisco-based exchange’s founder, who offered him a $150,000 salary and orally agreed to pay him a 10 percent commission of the trading desk’s annual profit. Silverman says the trading desk generated more than $19 million in profits during three months in 2017 and he never received neither the commission nor additional promised stock options.