Kraken’s parent company alleges custodian Etana misappropriated $25 million
The Block
Payward, the parent company of Kraken, claims that former custodian Etana misappropriated $25 million through a Ponzi-like scheme.Summary
Payward, Inc., the parent company of the cryptocurrency exchange Kraken, has filed a fraud claim against its former custodian, Etana Custody, and its CEO, Dion Brandon Russell. The lawsuit alleges that Etana failed to return $25 million in client funds and operated a "Ponzi-like enterprise" that used customer deposits to cover operating expenses and risky investments. Etana was placed into liquidation by the Colorado Banking Board in November 2025 due to capital requirement failures. Kraken is now seeking the recovery of the $25 million plus interest and legal fees.
(Source：The Block)