Kraken vs. the Bankrupt Trust it Says Stole its Money
Kraken vs. the Bankrupt Trust it Says Stole its Money  
Podcast: Bank Nerd Corner
Published On: Thu Jun 11 2026
Description: In this latest episode of Bank Nerd Corner, Kiah welcomes Justin Steffen, a partner at Barack Ferrazzano, for a deep dive into Payward Interactive v. Etana Custody — better known as Kraken versus the bankrupt trust company that allegedly lost its money. The conversation goes well beyond crypto drama and has implications for the broader financial space. There are reconciliation and comingling concerns. There is an alarming bankruptcy claim about customer funds. There’s a lesson about the importance of vendor management and what Steffen calls “the Steffen Principle:” bad things plus money equals lawsuit.  --- Fintech Takes Banking is the weekly newsletter for bank execs who get it. Subscribe for the latest in regulation, tech, financials, operations and, yes, accounting, straight to your inbox: ⁠https://fintechtakes.com/banking/newsletter-subscription/⁠ --- Follow Justin on LinkedIn: https://www.linkedin.com/in/justin-c-steffen/ Follow Kiah LinkedIn:⁠ https://www.linkedin.com/in/khaslett/⁠ Twitter:⁠ https://twitter.com/khaslett⁠