Business Markets News Report
July 07, 2023

FBI Searches Home of Kraken Founder Jesse Powell in Hacking Investigation

In Brief

The FBI recently conducted a search of Jesse Powell’s Los Angeles home in connection with an investigation into allegations of hacking and cyberstalking involving a nonprofit organization, though Powell has not been charged and his lawyer asserts his innocence and unrelatedness to the crypto industry.

Jesse Powell, who founded and formerly served as the CEO of the crypto exchange, Kraken, has recently become a person of interest in a federal investigation. His home in Los Angeles was searched by the FBI earlier this year, placing Powell under the spotlight of law enforcement agencies.

FBI Searches Home of Kraken Founder Jesse Powell in Hacking Investigation

The root of the investigation stems from allegations of hacking and cyberstalking concerning the Verge Center for the Arts, a nonprofit organization.

The FBI and the U.S. attorney’s office in Northern California have investigated Jesse Powell since last fall. The Verge Center for the Arts alleges that Powell meddled with their computer accounts. This interference includes disruptions to their email and other digital communications.

The New York Times reports indicate that law enforcement agents carried out a search at Powell’s residence in Brentwood, seizing electronic devices as part of their investigation. However, it’s crucial to mention that, as of now, Powell faces no formal criminal charges tied to this investigation.

Kraken Founder Jesse Powell

In response to the allegations, Jesse Powell’s legal representative, Brandon Fox from Jenner & Block, released a statement. He highlighted the Verge Center for the Arts had presented a biased narrative and not given the government a comprehensive account. Fox insisted Powell “did nothing wrong” and claimed the issue is unrelated to Powell’s role or conduct within the crypto industry.

Even though Jesse Powell vacated his position as Kraken’s CEO last year, he remains the chairman of the board. His association with the Sacramento-based Verge Center for the Arts goes back to 2007, its inception year. However, his LinkedIn profile states his involvement as a founder and board member since April 2010.

Kraken responded to the ongoing probe recently. The company stated that the investigation is separate from its operations. It also suggested that prosecutors aren’t probing related potential firm issues.

The legal saga continues to unfold. Everyone is closely watching the investigation’s progress. Any formal announcements from involved parties or law enforcement are expected. The case has attracted significant attention in the cryptocurrency industry. It highlights the increased scrutiny faced by prominent individuals and institutions. This trend is evident in this rapidly evolving sector.

  • Kraken is launching an NFT marketplace to make it easier for people to buy, sell, and collect digital assets.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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