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FBI Concludes Hacking Investigation Into Kraken Co-Founder Jesse Powell, Returns Seized Devices
In a recent development, the U.S. Federal Bureau of Investigation (FBI) has officially wrapped up its hacking investigation involving Jesse Powell, co-founder of the globally renowned cryptocurrency exchange Kraken, per an October 22 report from Crypto Briefing. As part of this conclusion, all previously seized electronic devices taken during the investigation have been returned to Powell.
The investigation focused on accusations of hacking and cyberstalking tied to The Verge Center for the Arts, a nonprofit art organization established by Powell in 2008. Powell has consistently denied all allegations, maintaining his innocence throughout the probe.
The Department of Justice (DOJ) confirmed the closure of the criminal inquiry, marking a significant milestone in the case. Powell’s legal representatives have underscored that the returned devices may carry evidence essential to validating his claims and disproving accusations.
Disputes Within Nonprofit Organization Spark FBI Intervention
Significantly, the FBI’s probe was unrelated to Kraken or its operations. The investigation stemmed exclusively from internal conflicts within the Verge Center for the Arts, a nonprofit where Powell has been embroiled in disputes with certain members of the board.
Powell alleges that members of the nonprofit board conspired to exclude him from key decision-making processes, further obstructing his access to the nonprofit’s digital accounts and operational controls. This ongoing discord has led Powell to pursue civil litigation against the organization’s management, which he claims has operated in bad faith.
A key point in Powell’s accusations involves what he views as a conflict of interest—one board member simultaneously serves as a director and the legal advisor of the nonprofit. Powell argues that this dual role undermines the integrity of the board’s actions. Additionally, Powell has alleged that key documentation relevant to his civil case has been deliberately withheld throughout the legal process.
Reputation Restoration Crucial for Powell and Kraken
Brandon Fox, Powell’s attorney, has confirmed receipt of an official letter from the DOJ notifying him of the investigation’s resolution. According to Fox, this marks a critical turning point for Powell as he works to restore his personal reputation and reaffirm regulatory confidence surrounding Kraken, the cryptocurrency exchange he co-founded.
With the conclusion of the FBI investigation, Powell and his legal team are now shifting their focus toward leveraging the evidence within the returned electronic devices to bolster his civil case against the board of The Verge Center for the Arts. Powell remains steadfast in his commitment to refute the allegations and counter what he describes as deliberate efforts to tarnish his reputation.
As civil litigation progresses, Powell’s attorneys see this favorable outcome as a stepping stone to rebuild trust and stability within his professional and personal circles. The resolution also signals a broader effort to clear Powell’s name and ensure transparency surrounding the allegations.
This latest development in Powell’s legal battle positions him to reclaim his standing, while turning attention toward the nonprofit’s governance practices that are now under scrutiny. With mounting legal support and returned devices in hand, Powell is optimistic about both vindicating himself and addressing systemic issues within the nonprofit’s management.
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