FBI Ends Probe Into Kraken Co-Founder: Report

The US Federal Bureau of Investigation (FBI) has reportedly ended its investigation of Kraken co-founder Jesse Powell and returned property belonging to him that was seized in a 2023 search of his residence.

In accordance with a Tuesday Fortune report, the FBI had returned units to Powell and ended its probe over allegations he had hacked and cyberstalked the Verge Middle for the Arts, a nonprofit he helped present in 2008.

The investigation, reportedly not linked to Powell’s affiliation with Kraken, the cryptocurrency trade he co-founded, or the crypto trade, resulted within the FBI searching his home and seizing digital units that would have contained digital belongings. 

Experiences prompt that Powell had been underneath investigation by US authorities since 2022. The Kraken co-founder repeatedly denied involvement within the alleged actions and filed a civil go well with towards members of Verge’s board of administrators.

The report didn’t cite a cause the US Division of Justice and the FBI ended their investigation into Powell, who became politically active within the 2024 election after contributing $1 million in Ether (ETH) to then-presidential candidate Donald Trump’s marketing campaign.

Trump appointees Kash Patel and Dan Bongino presently head the FBI as director and deputy director, and Pam Bondi, additionally appointed by the president, leads the Justice Division as US Lawyer Common.

Associated: Kraken’s Powell claims in lawsuit he was denied housing due to crypto ties

Kraken had been going through an SEC lawsuit

In 2023, the US Securities and Alternate Fee (SEC) filed a grievance towards Kraken, alleging the trade had operated with out correct registration. Nonetheless, the company dropped the case in March underneath SEC Appearing Chair Mark Uyeda.