Major news emerged today as the FBI officially concluded its investigation into Jesse Powell, the founder of Kraken. All seized devices related to the case have been returned, confirming that the matter did not involve the operations of the exchange.
Jesse Powell's Reaction
Jesse Powell expressed shock over the raid, which had a significant impact both personally and professionally. He stated:
> "The FBI’s raid on my house was devastating both personally and professionally. It is still shocking that the raid was premised on Verge Center for the Arts baseless accusations against me."
Civil Litigations and DOJ's Role
Filing documents confirmed Powell's decision to pursue civil litigation against Verge's board continues, highlighting ongoing disputes. Meanwhile, his attorney, Brandon Fox, affirmed the Department of Justice declined to pursue further actions, marking a resolution for Powell. Fox noted:
> "Receiving an official declination letter from the DOJ confirming the probe's closure is critical for restoring Powell’s reputation and Kraken’s regulatory standing."
Financial Impacts
The financial impacts on Kraken or related assets, such as BTC or ETH, remained negligible. The probe’s conclusion reinforces Kraken's regulatory standing, ensuring no disruption to its operations.
Powell's devices, seized during the investigation, were returned as the case did not involve Kraken's exchange activities. The incident distinguishes itself as it centers solely on nonprofit governance issues. With the probe's closure, Kraken reaffirms its stable regulatory environment.
