The FBI has closed its investigation into Jesse Powell, co-founder of the cryptocurrency exchange Kraken, related to allegations of improperly accessing and harassing staff at Verge Center for the Arts.
Case Overview
The investigation addressed allegations that Powell unlawfully accessed and harassed staff at Verge Center for the Arts, a nonprofit he helped establish in 2008. The case was unrelated to Kraken or Powell's commercial activities.
Powell's Actions
Powell denied any wrongdoing and had previously filed a civil lawsuit against members of the Verge board. The investigation had been ongoing since 2022, but no charges were brought against him.
Context and Implications
The closure of the case is reported amidst Powell's political activity in the lead-up to the 2024 elections, including a $1 million ETH donation to Donald Trump's campaign. Meanwhile, Kraken itself faced legal scrutiny last year from the SEC for operating without proper registration. This case was later dismissed.
The conclusion of the FBI investigation highlights the absence of evidence supporting the allegations against Powell and underscores changes in regulatory approaches within the cryptocurrency sector.
