Kraken’s parent company, Payward, has filed a lawsuit
accusing crypto custodian Etana and its CEO, Dion Brandon Russell, of
misappropriating more than $25 million in client funds.

The complaint,
submitted to a U.S. District Court in Colorado, claims the losses emerged after
Etana failed to meet a withdrawal request and concealed financial shortfalls.

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Kraken said it entrusted Etana with hundreds of millions of
dollars through a fiat on-ramp partnership over several years. In April 2025,
the exchange attempted to withdraw about $25 million in reserve funds.
According to the lawsuit, Etana delayed the process and cited reconciliation
issues that Kraken…