Payward, the parent company of crypto exchange Kraken, asked a US federal court for discovery from US financial institutions as it pursues claims against PowerTrade.

Payward accused the El Salvador-based crypto platform and its co-founders alleged misappropriation of $7.2 million in digital assets and unrealized gains.

In the filing, Payward said PowerTrade removed more than $6 million from its account using about 100 unauthorized corrections that retroactively canceled profitable trades months after they had settled or closed.

Payward said those transactions shifted its account from more than $6 million to a nearly $2 million negative balance.

Payward said it began institutional crypto derivatives trading on PowerTrade in 2022 and tried to withdraw funds in October 2025 after concerns about the platform’s liquidity and creditworthiness.

Payward also said the Dubai International Financial Centre Courts had issued an interim worldwide freezing order against PowerTrade and its co-founders.

🔗 Source: CoinDesk

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