Bitcoin Exchange Kraken Sued by Former Employee

One of the oldest Bitcoin exchanges Kraken, is being sued by a former employee for allegedly failing to pay him for the work he did

The former employee, Jonathan Silverman was hired in April 2017 to manage Kraken’s institutional sales and trading desk in New York. Silverman is demanding compensation in excess of $900,000, approximately € 795,580 according to a suit filed April 4 in New York.

Silverman says that it was based on an agreement he reached with Jesse Powell the exchanges founder, who allegedly offered him a $150,000 salary and had orally agreed to pay Silverman a 10 percent commission fee of the trading desk’s annual profits.

According to Silverman, the trading desk generated more than $19 million in profits during the three months in 2017 and that he never received neither the 10 percent commission nor the additional stock options he was promised.

Christina Vee, a spokeswoman for Kraken has said that ‘’Silverman is both lying and in breach of his confidentiality agreement’’.

After Silverman left Kraken, he said that he had reached an agreement with the company that Kraken would pay him $907,631 as a lump sum settlement. The lawsuit alleges that Kraken had ‘’refused’’ to pay Silverman despite the agreement accepted between both parties.