TechFlow, July 23 — According to Decrypt, the U.S. Department of Justice has dropped its investigation into Jesse Powell, co-founder of cryptocurrency exchange Kraken. Powell confirmed the news on social media platform X on Tuesday. The FBI had raided Powell's Los Angeles home in 2023, seizing dozens of electronic devices as part of an investigation into allegations that he hacked and cyberstalked Verge Center for the Arts, a nonprofit arts organization he founded.
"Glad this is behind me. It never made sense, much like Roman Storm’s trial," Powell wrote on X. "It’s astonishing how quickly your life can be upended. I’m grateful to those who saw through it all and my outstanding legal team."
Previously, during the Biden administration, the SEC filed lawsuits against several crypto companies, and Kraken paid a $30 million penalty to regulators in 2023. Since the pro-crypto Trump administration took office, many lawsuits against the crypto industry have been dismissed.
