350% or 5BTC + 150 Spins!
New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins
Jesse Powell, the founder of crypto exchange Kraken, is no longer under federal investigation. According to court filings submitted this week, the U.S. Department of Justice has officially closed its case against him, bringing an end to a legal saga that started with a high-profile raid nearly two years ago.
Good to know
The investigation began when federal authorities raided Powell’s home and seized a range of electronic devices, including phones and laptops. At the time, there were concerns that some of those devices might hold digital assets or sensitive data.
This week’s filings show that those items have now been returned to Powell, a move that usually indicates the case will not proceed further.
His attorney, Brandon Fox, confirmed receipt of a declination letter from the Department of Justice, which formally ends the investigation.
The dispute largely stemmed from Powell’s relationship with Verge Center for the Arts, a nonprofit he founded in Sacramento back in 2007. Reports at the time suggested that Powell had engaged in hacking and harassment related to the organization—claims he strongly denied.
Powell has consistently stated that the accusations were not only false but driven by internal conflicts within the nonprofit.
In a statement shared after the court filing, Powell said:
“The FBI’s raid on my house was devastating both personally and professionally. It is still shocking that the raid was premised on Verge Center for the Arts baseless accusations against me. I knew that I had done nothing wrong, and discovery in my defamation case against Verge has shown this is undeniable.”
He also noted that the returned devices hold evidence supporting his side of the story.