The Federal Bureau of Investigation (FBI) has officially ended its two-year investigation into Jesse Powell, co-founder of the cryptocurrency exchange Kraken. The case centered around a dispute with Verge Center for the Arts, not Powell’s role in the crypto industry.
End of FBI Investigation
The FBI wrapped up the investigation without filing charges against Jesse Powell. In 2023, authorities raided his home and seized electronic devices related to allegations of hacking and cyberstalking, which arose from an internal conflict at Verge, an organization co-founded by Powell. All seized devices were returned, effectively clearing him of wrongdoing.
Kraken Moves Forward
Despite potential legal challenges, Kraken continued to evolve. The exchange rolled out new features and expanded its services for investors, including a platform for tokenized stocks. The company aims to take on a larger role in traditional finance and is progressing towards an initial public offering (IPO), while awaiting clearer regulatory guidance, especially after the SEC dropped its lawsuit.
Jesse Powell's Reaction
Jesse Powell has been vocal about the emotional toll the FBI raid took on him. He asserts that the search was based on false allegations and is pursuing legal action against Verge to protect his reputation. Powell emphasizes that he never engaged in hacking or stalking, and the returned devices support his claims.
The closure of the FBI investigation allows Jesse Powell to refocus on Kraken's future plans. Despite current challenges in the crypto industry, the firm has demonstrated its capacity for growth and innovation.
