Former Employee to Sued Kraken

Jonathan Silverman believes that exchanges owns him almost one million dollars
08 April 2019   770

Jonathan Silverman, a former employee of one of the oldest Bitcoin exchanges Kraken, filed a lawsuit against it, accusing that the platform management did not pay him for the work he had done. This is reported by Bloomberg.

According to the lawsuit filed on April 4, Kraken hired Silverman in April 2017 as manager of institutional sales and trading in New York. In agreement with the main exchange, Jess Powell, Silverman was paid a salary of $ 150,000 per year, but the plaintiff also claims to have a verbal agreement that the exchange will pay him 10% of the annual profit of the trading department.

According to Silverman, for three and a half months in 2017, this area of ​​activity brought Kraken more than $ 19 million, but he never saw the promised commissions of $ 907,631. Representatives of the San Francisco-based exchange are categorically denied the charges.

[Silverman] is both lying and in breach of his confidentiality agreement. 

Christina Vee

Spokeswoman, Kraken

In April 2018, after the request of the former Attorney General of New York, Eric Schneiderman, demanding the disclosure of information about the activities of the largest exchanges, Kraken refused to cooperate with the state. Earlier, in 2015, the exchange announced it would cease operations in the state of New York, refusing to apply for a BitLicense.

In his lawsuit against the exchange, Jonathan Silverman disputes this, arguing in particular that, contrary to all public statements, the activity of the Kraken OTC platform is almost entirely conducted in New York.

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

One of the attorneys representing Silverman

In 2018 the number of requests of various government structures to the Kraken exchange in 2018 increased threefold - from 160 to 475. In particular, requests to clarify certain aspects of the exchange’s work were sent by the Bureau of Investigations of the National Security Agency, the FBI, the Office of drug control, as well as financial regulators in the face of the SEC and CTFC.

LocalEthereum to be LocalCryptos Now

Exchange's team believes they have advantages over LocalBitcoins, which "looks the same today as it did in 2012"
19 November 2019   116

LocalEthereum's P2P platform changed its name to LocalCryptos to support more cryptocurrencies, starting with bitcoin.

The possibility of buying / selling BTC has already been added, in the near future EOS, DASH and Litecoin (LTC), as well as Ethereum-based tokens are indicated.

According to the statement, the platform has more than 100 thousand users around the world.

With rebranding and the addition of bitcoin trading, the site competes with the popular P2P platform LocalBitcoins, and LocalCryptos believes that they have advantages. They include the non-custodian BTC escrow system and end-to-end message encryption.

Platforms like LocalBitcoins are centralized, custodial, and a far cry from private. These platforms are vulnerable to hacks and thefts like a centralized exchange.

LocalCryptos Team

Hackers have stolen several billion dollars from the past, and at least two incidents related to LocalBitcoins traders, the statement said.

LocalCryptos does not store user private keys and declares that it gives them full control over the funds.