PANews May 4 news, according to CoinDesk reports, Kraken's parent company Payward has submitted a second amended complaint to the U.S. District Court for the District of Colorado, officially suing former custody partner Etana Custody and its CEO Dion Brandon Russell, with the main accusation of misappropriating over 25 million dollars of customer funds, and suspected of operating a "Ponzi scheme".

Payward stated that during the cooperation period with Etana Custody, they violated the terms of the custody agreement by mixing customer entrusted funds with their own funds for management, failing to use the funds as agreed. Instead, they unilaterally used the funds to pay for their own operating expenses and to engage in high-risk investments, while covering up the funding gap by falsifying account reports.

It is reported that Etana Custody, as a cryptocurrency asset custody institution, once collaborated with Payward to provide customer fund custody services. In April 2025, when Payward attempted to withdraw about 25 million dollars in reserve funds, Etana Custody delayed multiple times on the grounds of reconciliation issues. Subsequent investigations found that their funding gap had reached 25 million dollars, and they could not provide a reasonable explanation for the flow of funds, leading to this lawsuit.

Previously, Etana Custody had been under regulatory scrutiny for compliance issues multiple times, while Payward, as one of the leading custody institutions in the cryptocurrency industry, has always insisted on compliant operations. This lawsuit is not only to safeguard its own legal rights but also to ensure the safety of the funds of its cooperating customers.

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