The FBI has concluded its investigation into Jesse Powell, co-founder of the cryptocurrency exchange Kraken, and returned seized devices to him.
Investigation Conclusion
According to a Fortune report, the FBI returned devices to Jesse Powell and closed the case related to possible hacking and cyberstalking of a nonprofit organization he was involved with.
Case Details
The investigation was reportedly unrelated to Powell's work at Kraken or the crypto industry. In 2023, his home was searched, and electronic devices that could contain digital assets were seized. Powell had been under investigation since 2022 and denied any involvement in the alleged activities.
Kraken Situation
In 2023, the SEC filed a complaint against Kraken for operating without proper registration, but the case was dropped in March. This was part of a broader shift in the SEC's approach toward cryptocurrency regulation.
The conclusion of the investigation against Powell highlights changes in law enforcement approaches toward cryptocurrency investigations and further shifts in SEC policies regarding regulation.
