Catenaa, Wednesday, July 23, 2025- The US Department of Justice has ended its investigation into Jesse Powell, co-founder and former CEO of cryptocurrency exchange Kraken, over allegations tied to a nonprofit organization, according to a report published by Fortune.
Federal authorities had launched a probe in 2023 after the Verge Center for the Arts, a nonprofit based in California, accused Powell of cyberstalking and interfering with its computer systems.
As part of the investigation, the FBI searched Powell’s Los Angeles residence and seized electronic devices.
Powell has denied all wrongdoing, stating he did not hack or stalk anyone associated with the nonprofit.
He claimed the allegations stemmed from internal disputes with Verge Center’s leadership over his position on the board.
The DOJ has not issued a public comment confirming the closure of the case. Powell described the FBI’s raid as “devastating both personally and professionally” in remarks to Fortune.
Kraken, one of the world’s leading cryptocurrency exchanges, clarified last year that the investigation was unrelated to the company’s operations. Powell stepped down as Kraken’s CEO in 2022 and continues to serve as chair of the board.
The case unfolded during a turbulent period for the crypto industry, as federal regulators cracked down on major firms for registration violations and allegations of fraud. Despite the scrutiny, Kraken said in 2023 it had no reason to believe Powell’s case involved broader corporate concerns.
