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Payward Alleges $25M Crypto Custody Fraud Against Etana

CryptoFrontier

Enforcement Actions Security Incidents

2026-05-05 01:13:35

Payward, the parent company of crypto exchange Kraken, has filed a lawsuit alleging $25 million in crypto custody fraud against Etana and the firm’s CEO, according to the complaint. The allegations center on claims that client funds were misused, commingled, and concealed as part of a “Ponzi-like” scheme that unraveled amid a liquidity crisis.

Fraud Allegations

The lawsuit claims that Etana engaged in improper handling of client cryptocurrency assets held in custody. According to Payward’s allegations, the scheme involved the concealment and commingling of funds, ultimately resulting in a liquidity crisis that exposed the arrangement.

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Comment

0/400

CAMPEAO

· 05-05 01:41

Let's go all out.

View OriginalReply0

GateUser-a365d15f

· 05-05 01:35

Waiting for further discovery to see how the funds were actually commingled; this case is likely to uncover quite a few industry black boxes.

View OriginalReply0