Kraken

The Federal Bureau of Investigation (FBI) has officially ended its nearly two-year-long investigation into Kraken founder Jesse Powell, which included a raid on his home and the seizure of multiple electronic devices. The investigation, however, had nothing to do with cryptocurrencies, but rather with an extended legal dispute involving the nonprofit art organization Verge.

Investigation Unrelated to Crypto
According to Fortune, the FBI’s inquiry was not focused on Powell’s activities in the crypto industry but rather on tensions surrounding his involvement with Verge, a nonprofit art group he helped establish. Powell faced allegations of cyberstalking and unauthorized access to the organization’s communication platforms.
These claims led to a high-profile FBI raid in 2023, during which agents seized dozens of devices, including smartphones and laptops. Powell has consistently denied any wrongdoing, asserting that the situation stemmed from internal conflicts and an attempted ousting by Verge leadership.

DOJ Drops Case, Returns Devices
Now, the U.S. Department of Justice has officially dropped the case and returned all seized devices to Powell. Reports suggest that the devices actually contain evidence supporting Powell’s version of events, including proof of legitimate access to organizational accounts.
“The FBI raid on my home was devastating—both personally and professionally,” Powell stated. “It’s still shocking that such an operation was launched based on unsubstantiated allegations from a nonprofit art center.”
It remains unclear whether any of the returned devices contained cryptocurrencies. At the time of the raid, Bitcoin was trading around $23,000, while today it has surged to nearly $120,000, setting new all-time highs.

Kraken Moves Forward with Innovation
Despite the cloud of investigation, Powell’s exchange Kraken has continued to push forward with new innovations. Recently, Kraken expanded its offering of tokenized U.S. equities to Binance Chain and other blockchain ecosystems. Meanwhile, the company remains on track with its plans for an initial public offering (IPO), which could make it the next major U.S.-listed crypto exchange.

#Kraken , #FBI , #CryptoNews , #CryptoCommunity , #Regulation

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