U.S. DoJ Closes Investigation Into Kraken Founder Jesse Powell Without Charges

The U.S. Department of Justice has dropped its investigation into Jesse Powell, co-founder of cryptocurrency exchange Kraken, following allegations of hacking a nonprofit arts organization. The probe, unrelated to Kraken's operations, concluded in April 2024 with no charges filed.

Federal authorities seized Powell's electronic devices during a 2023 raid but returned them earlier this year. The case centered on claims Powell interfered with computer systems at Verge Center for the Arts, a Sacramento nonprofit he helped establish before being removed from its board in 2022.

With the investigation formally closed, Powell retains legal options against his accusers. The resolution removes a potential cloud over Kraken, one of crypto's longest-running exchanges, though the matter never directly involved the platform's business.