Unexpected Closure: FBI Dropped Case Against Kraken Co-Founder Following Controversial Raid

Kraken Co-Founder Cleared: FBI Dropped Case After Controversial Raid

In a shocking turn of events, the FBI has dropped its case against Jesse Powell, co-founder and CEO of Kraken exchange, two years after the controversial raid on his residence. The investigation was allegedly sparked by an internal dispute with Verge, an arts organization founded by Powell in 2008.

According to sources close to the matter, the Department of Justice (DOJ) has officially closed the case without issuing any statements or explaining how investigative details leaked to outlets such as the New York Times.

Powell, who is also embroiled in a separate civil lawsuit against Verge executives, has now been cleared of any wrongdoing. The raid, which targeted his home, allegedly resulted in the confiscation of numerous electronic devices, including laptops and phones. These devices are said to contain evidence supporting Powell’s account, which contradicts the allegations made by Verge.

The co-founder of Kraken expressed devastation at the time of the raid, stating that it had a profound impact on both his personal and professional life. He has continued his lawsuit against Verge’s members, citing an alleged attempt to remove him from the board without his consent. Two board members, including Phil Cunningham, who also serves as Verge’s lawyer, are accused of withholding key documents during the legal process.

Kraken is reportedly preparing for its initial public offering (IPO), and Powell can now focus on this endeavor.

Source: crypto-economy.com