Federal authorities have abandoned a criminal investigation into Jesse Powell, co-founder and former CEO of Cryptocurrency Exchange Kraken.
The FBI investigation, which started in 2023, examined the non-profit center for the arts of allegations that Powell hacked his computer accounts and obstructed access to emails. His house was also searched at the start of the investigation and that computers, laptops and mobile phones were seized at the time, New York Times reported last year.
In April of this year, federal prosecutors informed Powell lawyer Brandon Fox, that the government had concluded its investigation into the allegations of rod and that it did not carry criminal charges against Powell, said documents deposited before the California Superior Court on Monday. The prosecutors also said at the time that they would make the devices they had seized at Powell, Fox said.
On June 9, his lawyer then received a letter from the American prosecutor’s office for the Northern California District confirming that the federal government had closed this investigation on April 8 of this year. Fox initially asked that this letter be sent to Powell.
“The FBI raid on my house has been devastating both personally and professionally. It is still shocking that the raid was based on Center for the Art -based art against me,” Powell said in a statement.
“I will continue to continue the appropriate legal appeals against those who created this disaster by making false statements to the police,” he added.
The closure of the case occurs while Kraken weighs the possibility of a first public offer in the first quarter of 2026. Powell resigned as CEO of the exchange in 2023 according to his LinkedIn, but remains on the board of directors.
Kraken remains one of the biggest exchanges of American crypto and has been the target of an increased regulatory examination in recent years. In 2023, he settled with the Securities and Exchange Commission and closed his helping services from the United States.
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