In a hot development, the FBI raided the home of Jesse Powell, the young founder of Bitcoin exchange Kraken. FBI agents report that Powell has been charged with allegations of hacking and cyberstalking.
Kraken founder under Federal investigation on multiple charges
Kraken co-founder Jesse Powell is under federal investigation for accusations of hacking and harassing a nonprofit. According to a report from The New York Times, the most recent investigation Powell was involved in was related to the Verge Center for the Arts, which complained of hacking into computer accounts and blocking access to emails and other communications. However, the former Kraken CEO reportedly denied doing anything wrong with the investigation. Kraken made the following statements on the subject:
Kraken was informed that former CEO Jesse Powell was involved in a legal dispute with the Verge Art Center, a nonprofit art gallery. We know there is an open federal investigation and search warrants are being run to gather more information on the Verge affair. The US Attorney General informed us that Kraken was in no way part of the investigation.
The New-York Times reported that agents searched Powell’s home in Brentwood on the Westside of Los Angeles, confiscating electronics. It turns out that the FBI and the US Attorney’s Office for the Northern District of California have been investigating Powell since at least the fall.
Bitcoin millionaire has been under investigation for some time
Powell has not been charged with any crime so far despite a multi-month investigation. Jenner & Block’s attorney, Brandon Fox, said The Verge “showed that Powell had done nothing wrong” by “providing the government with a one-sided account that didn’t provide the full picture.”
Powell founded the Sacramento-based Verge in 2007, The Times reported. But the organization removed him from the board in 2022, saying he violated The Verge’s “guiding principles.” A Kraken spokesperson says the exchange is aware of litigation, investigations and search warrants…
“The US Attorney General informed us that Kraken was in no way part of the investigation and that the investigation did not concern Jesse’s relationship with Kraken,” the spokesperson said.
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