Kraken's parent company Payward alleges $25 million crypto custody fraud in lawsuit against Etana and firm's CEO

The crypto exchange claims client funds were misused, commingled and concealed in a “Ponzi-like” scheme that unraveled amid a liquidity crisis. What to know : Kraken claims more than $25 million in customer funds were misappropriated. The lawsuit accuses Etana Custody of commingling assets and masking losses with new deposits. Etana CEO Dion Russell allegedly directed misconduct and concealed shortfalls.