DOJ Closes Investigation Into Kraken Co-Founder Jesse Powell
Main Idea
The US Justice Department has dropped its criminal investigation into Kraken co-founder Jesse Powell, which was unrelated to his crypto dealings, and returned seized electronics.
Key Points
1. The investigation, launched in 2023, did not focus on Powell’s crypto activities but stemmed from a governance dispute.
2. Prosecutors informed Powell’s legal team in April that they would not pursue charges and returned seized electronics.
3. Powell stepped down as Kraken’s CEO in 2022 but remains on its board; the case closure comes as Kraken considers a potential IPO by early 2026.
4. Kraken settled with the SEC last year over its staking services for $30 million.
5. Industry leaders, including Coinbase CEO Brian Armstrong and Binance’s Changpeng Zhao, supported Powell after the investigation was dropped.
Description
The US Justice Department has dropped its criminal investigation into Kraken co-founder Jesse Powell. The investigation was launched in 2023 and did not focus on Powell’s crypto dealings. Instead, it centered on allegations from the Verge Center for the Arts – a nonprofit he founded – that he had hacked its accounts and blocked email access during a governance dispute. Kraken Founder Cleared After FBI Raid The FBI’s raid on the former chief executive’s Los Angeles home resulted in the seizure of...
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