Friday, December 6, 2019

Former Kraken Employee Sues Company Over Unpaid Salary

Elizabeth Jamie
Jamie Elizabeth is a Mass Communication Graduate from the Philippines, knowledgeable in the field of cryptocurrencies, blockchain etc., currently enjoying freelance writing, and able to write anything under the sun.

Who says that crypto industry is different from all other jobs? Well, this proves them wrong.

Kraken’s Another Mistake

As recently reported via Bloomberg, US-based cryptocurrency exchange firm, Kraken had experienced another filed suit against them– from their another ex-employee.

According to the report, a man named Jonathan Silverman has been claiming in the court that his former company had been ripping him off, through not giving his right salary.

‘Where’s my Money?’

Silverman, responsible for Kraken’s institutional sales and trading desk in New York, narrated his negative experience in the said company. He, allegedly, states that Kraken failed to give him their agreed compensation of more than $900,000.

Silverman was hired in the company in 2017 by Kraken’s CEO and founder Jesse Powell. In this event, he was offered for the position with their agreed terms of $150,000 compensation and an additional 10 percent commission for the trading desk’s yearly profit.

However, after three months in working for the crypto exchange, Silverman noticed that he was not getting any commissions on his end though he knew that Kraken earned $19 million on its annual trading desk.

Unfulfilled Promise

Failing to fulfill their promise, the ex-employee filed a case against Kraken, for the said compensation.

“Just because some people in the cryptocurrency space don’t believe the rules apply to them doesn’t mean that’s the way things actually work,” David Silver, an attorney of the ex-Kraken employee, told Bloomberg.

Only Lying?

On the other hand, Kraken’s official spokeswoman, Christina Vee debated that Silverman “is both lying and in breach of his confidentiality agreement.” With this, Kraken firmly stand that they did not held any compensation from their employees especially to Silverman.

Another Incident in 2018

However, this may not sound as a sincere comment now since its not the first time that a former employee from Kraken filed a suit against them.

Back in 2018, Robert Adler also claimed that he was not properly compensated by the company for his supposedly more than $900,000 lump sum that was not given to him.

As of now, the filed case against Kraken is still on its way towards the higher court. Will this incident affect crypto’s value in the market while the value’s on its bullish race?

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