Consumer complaint received 2025-07-25 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: Payward Ventures Inc. dba Kraken
State: FL

Complaint narrative:
XX/XX/year>XXXX  To Whom It May Concern : I am an XXXX XXXX XXXX writing to formally request your urgent assistance in investigating a deeply troubling and unresolved matter involving Kraken ( Payward Ventures , Inc. ), a U.S.-based cryptocurrency platform, regarding their continued failure to return an {$18000.00} USD wire deposit and refusal to provide the federally required wire trace information for the alleged reversal of those funds. 


Summary of Events : As of the date of this filing, XXXX XXXX Bank where I maintain both my personal checking and self-directed brokerage accounts does not allow direct investment in legitimate digital assets. For this reason, I opened an account with Kraken to diversify my brokerage portfolio and gain exposure to digital assets through a platform that offers such functionality. 

A few days prior to the disputed transaction, I had already funded my Kraken account and made initial digital asset purchases. However, as the market began to rise sharply, I decided to initiate a time-sensitive {$18000.00} wire transfer to Kraken on Thursday, XX/XX/year>, at approximately XXXXXXXX XXXX, from my XXXX XXXX XXXX XXXX The purpose of this wire was to accelerate the availability of funds and capitalize on rising asset prices. A wire transfer would have allowed for same-day or next-day liquidity, unlike ACH or other slower methods making timing crucial in an active and rapidly moving market. 
Kraken confirmed receipt of the wire later that day but claimed on Friday, XX/XX/year>, that the funds would be reversed due to a name mismatch ( the wire was sent from a Revocable Living Trust, for which I am both the grantor and trustee ). The name mismatch resulted because the wire was sent from my personal checking account retitled in the name of my Revocable Living Trustused solely for estate planning and probate avoidance purposes. I am both the trustee and grantor of this trust. This is not a business account ; it is a personal account tied to my Social Security number, not an EIN. Notably, Kraken had no issue accepting an ACH deposit from this same account just days earlier. Despite their claim, no confirmation or proof of any reversal has ever been provided. 
Contradictions and False Promises : Since Krakens initial message, their statements have been internally inconsistent and constantly shifting : First I was told the return would take 03 business days, then 35 business days, then told it depends on the receiving bank.

At one point, I was provided a chatbot response not a live agent to my formal wire return inquiry.

Kraken representative XXXX later stated the funds were caught in an intermediary bank due to mandatory changes to the Federal Reserve banking system. 

On XX/XX/year>, I received the following message in writing from a Kraken support agent via internal customer chat : " Yes, it is correct that the returns have historically taken 13 business days. Unfortunately, our funding partner encountered a technical issue due to the recent mandatory changes in the Federal Reserve Banking system which impacted several wires. Details can be found at the link below : XXXX XXXX XXXXXXXX They have been caught up with almost all the transactions, and we are investigating every transaction reported by our valued clients such as yourself. 
We sincerely apologize for any inconvenience this may have caused. And rest assured that we will be here to help until this matter is fully resolved and your funds are back in your control. '' Despite these assurances, Kraken has still not returned the {$18000.00} or provided any of the following critical items : A XXXX XXXX tracking number Confirmation of the date and time of the reversal The intermediary and receiving banks involved Any actual proof of a wire reversal Actions Taken : On Thursday, XX/XX/year>, I visited XXXX XXXXXXXX XXXX in person and requested a formal Funds Recall Request through their Wire Investigations Department . The bank informed me that such reversals without a proper XXXX  are highly irregular. Still, they are processing my recall on a best-efforts basis. 
In addition, I have : 1. Contactedvia emailKraken Legal, Compliance, and Executive offices multiple times ( with no response ) ; 2. Preserved all internal chats, emails, and confirmation logs showing Krakens receipt of the wire and their claimed intent to reverse it ; 3. Documented and retained screenshots of the {$18000.00} incoming wire status within my Kraken account, which showed as pending but never released ; 4. Despite Krakens claims that the funds were reversed, no evidence or confirmation has been provided ; AND 5. Repeatedly requested ( at least five times ) the XXXXXXXX XXXX trace number from Kraken all ignored, further indicating they do not have such proof. 


Legal Basis for Disclosure : Despite multiple formal requests, Kraken has failed to provide the XXXX XXXX trace number, in direct violation of : Federal Reserve Operating Circular 6 The Electronic Funds Transfer Act ( EFTA ) Bank Secrecy Act ( BSA ) and associated recordkeeping requirements Their refusal is not only non-compliant it may also constitute a federal violation. 
What I Am Requesting : I am asking for your assistance in compelling Kraken to : Provide the XXXX trace number Identify all banks involved ( originating, intermediary, receiving ) Confirm the date/time of reversal Provide formal written proof of reversal Return the {$18000.00} USD to my XXXX XXXX account immediately CONCLUSION : Given the substantial inconsistencies in Krakens statements, and their continued refusal to provide the federally required XXXX wire trace number which is essential for tracking the status of the alleged reversal and must be disclosed to both the sending customer and the sending bank under federal law I have serious reason to believe this situation warrants immediate regulatory oversight. 

While Kraken has stated that the {$18000.00} wire was reversed, they have not provided any documentation or verifiable evidence of such a reversal. Most critically, they have withheld the XXXX trace number, which is a direct violation of : Federal Reserve Operating Circular 6 The Electronic Funds Transfer Act ( EFTA ) Bank Secrecy Act ( BSA ) and related recordkeeping obligations A reputable brokerage operating under U.S. banking laws should not be permitted to claim that a wire was reversed without producing the tracking information that confirms it especially when doing so prevents the customer and their bank from confirming or tracing the transaction. 

As of the date of this letter, it has now been 48 hours since Kraken last communicated, and I have received no updates, no confirmation, and no follow-up response despite repeated requests for status and documentation. This silence further indicates bad faith, noncompliance, or systemic deficiencies in Krakens wire handling and customer service processes. 


This situation may constitute : Deceptive and unfair trade practices Gross negligence Potential violations of federal consumer protection laws, banking regulations, and wire transfer obligations It is causing me irreparable harm, including the forced liquidation of U.S. Treasury bonds in my XXXX Self-Directed Brokerage Account to support my children, household, and familys basic living expenses solely because Kraken refuses to return the wire or disclose trace information. 

This complaint and request for investigation is therefore also being submitted under the scope of : 15 U.S. Code 45 Unfair or deceptive acts or practices ( FTC Act ) The Electronic Funds Transfer Act ( 15 U.S. Code 1693 et seq. ) The Bank Secrecy Act ( 31 U.S. Code 5311 et seq. ) Potential mail or wire fraud statutes ( 18 U.S. Code 1343 ) Breach of fiduciary duty and unjust enrichment under civil codes At a minimum, I respectfully request your agency compel Kraken to : Immediately release the XXXX wire trace number associated with the alleged reversal ; Provide formal confirmation of when and how the reversal was processed ; Identify all banks involved ( originating, intermediary, and receiving ) ; Facilitate the return of my {$18000.00} USD without further delay. 

I am prepared to fully cooperate with any investigation and will promptly provide all supporting documentation, including chat transcripts, email correspondence, wire confirmation records from XXXX XXXX, and screenshots of Kraken account activity. 

Thank you sincerely for your attention to this matter. 


Sincerely, XXXX XXXX XXXX, XXXX. 
Attorney at Law XXXX XXXX XXXX Mobile XXXX Fax XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX, Florida XXXX ( Mailing Address )

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation