Kraken Founder Jesse Powell Cleared as DOJ Drops Investigation

The U.S. Department of Justice (DOJ) has officially closed its investigation into Jesse Powell, the co-founder of the prominent cryptocurrency exchange Kraken, without filing any charges. Powell confirmed this positive development through a social media post, expressing his relief after facing a highly publicized FBI raid on his Los Angeles residence in 2023. The raid was connected to allegations of cyberstalking a nonprofit arts group, which have now been dropped. As part of the case termination, authorities returned dozens of electronic devices that had been seized during the investigation. This resolution marks a significant moment for Powell and Kraken, as the exchange continues to play a key role in the cryptocurrency industry. The closure of the investigation underscores the importance of due process and highlights the resilience of crypto entrepreneurs in navigating regulatory challenges. With this legal hurdle behind him, Powell can now focus on advancing Kraken's mission in the evolving digital asset landscape.

DOJ Drops Investigation Into Kraken Founder Jesse Powell

The U.S. Department of Justice has closed its investigation into Jesse Powell, co-founder of cryptocurrency exchange Kraken, without filing charges. Powell confirmed the development on social media, expressing relief after a 2023 FBI raid on his Los Angeles residence tied to allegations of cyberstalking a nonprofit arts group.

Authorities returned dozens of seized electronic devices as part of the case termination. The investigation's conclusion removes a lingering uncertainty for Kraken, one of crypto's longest-running exchanges, though Powell noted the proceedings "never made sense" given the circumstances.

Kraken Founder Jesse Powell Cleared in Hacking Probe, FBI Returns Seized Devices

The U.S. Department of Justice has closed its two-year criminal investigation into Jesse Powell, founder of cryptocurrency exchange Kraken, without filing charges. Federal agents returned Powell's electronic devices seized during a 2022 raid of his Los Angeles home.

The probe centered on allegations of cyberstalking and hacking related to Verge Center for the Arts, a nonprofit Powell co-founded in 2008. A DOJ declination letter formally confirmed the case's closure. Powell maintains the Verge board withheld exculpatory evidence while pursuing what he calls baseless claims.

The resolution removes a personal legal cloud for the crypto executive, though a civil defamation case continues. "Wild how quickly you can have your life upended," Powell tweeted, expressing gratitude to supporters and his legal team before refocusing on Kraken's operations.