FBI Searched Kraken Co-Founder’s Home in March: Report

The United States Federal Bureau of Investigation (FBI) reportedly searched the home of Kraken co-founder Jesse Powell in March, investigating claims that he hacked a non-profit arts group and cyberattacked it. Stocked.

It is claimed that Powell interfered with computer accounts by blocking access to email and other messages of contributors to the Wedge Center for the Arts – the non-profit founded by Powell, According A July 6 report in The New York Times cited three people with knowledge of the matter.

The FBI searched the home of cryptocurrency executive Jesse Powell in March. https://t.co/NRnK99cts7

— NYT Business (@nytimesbusiness) 6 July 2023

All three informed the NYT that the FBI and the US Attorney’s Office for the Northern District of California have been investigating Powell since “at least” September.

Electronic devices were reportedly seized from Powell’s home in Brentwood, Los Angeles during the search. However, it is understood that prosecutors have not charged Powell with any offence.

Powell’s attorney, Brandon Fox, said the investigation focused mostly on allegations made by the Verge Center for the Arts, a nonprofit founded by Powell, and had nothing to do with Powell’s involvement in the “cryptocurrency sphere.” This was also reportedly confirmed by a Kraken spokesperson.

Fox also said that Powell “did nothing wrong.”

Cointelegraph reached out to Jesse Powell for comment but did not receive an immediate response.

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Powell reportedly founded the Sacramento-based arts group in 2007. However, his LinkedIn States America He has served as a founder and board member since April 2010.

Kraken remains the second largest cryptocurrency exchange based in the United States after Coinbase. According To Coinmarketcap.

Kraken was subjected to enforcement action by the US Securities Exchange Commission in February for failing to register the offer and sale of its staking service program.

The company settled with the securities regulator by paying a hefty fine of $30 million.

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