Kraken Co-Founder Jesse Powell’s Home Searched by the FBI

• According to a report, the FBI has searched the house of Kraken co-founder and former CEO Jesse Powell.
• The FBI seized multiple electronic devices from Powell’s residence in Brentwood, Los Angeles.
• Powell has been investigated since “at least” September, while his lawyer claims that he “did nothing wrong.”
• The FBI and US Attorney’s Office for the Northern District of California have been leading the investigation.

The Federal Bureau of Investigation (FBI) reportedly searched the house of the co-founder and former CEO of crypto exchange Kraken, Jesse Powell, as part of an ongoing investigation. The investigation revolves around claims that Powell hacked and cyber-stalked a non-profit arts group. The authorities in the United States have been relentless when it comes to investigating crypto entrepreneurs and firms.

As reported by the New York Times on July 6, the FBI searched the home of the Kraken co-founder, who stepped down as the CEO of the crypto exchange last year, claiming that he interfered with computer accounts by blocking access to emails and other messages from contributors of a non-profit art group called the Verge Center for the Arts, which was founded by Powell himself

Three people with knowledge of the matter confirmed that the FBI and the United States Attorney’s Office for the Northern District of California have been investigating the Kraken co-founder since “at least” September. Additionally, the FBI seized multiple electronic devices from the crypto entrepreneur’s residence in Brentwood, Los Angeles, as part of the search

It is crucial to note here that the FBI and prosecutors have yet to accuse the Kraken co-founder of any crime. A Kraken spokesperson and Powell’s lawyer, Brandon Fox, both confirmed that the investigation is mostly based on the accusations presented by the non-profit arts group that was founded by Powell and has nothing to do with the “cryptocurrency arena.” Fox said that his client “did nothing wrong.”

While Powell founded the Sacramento-based arts group in 2007, his LinkedIn status revealed that he’s worked as the founder and board member since April 2010

As per an earlier report from Bitnation, a few days ago, Kraken was ordered by the United States District Court for the Northern District of California to hand over the data belonging to its customers’ to the Internal Revenue Service (IRS)

The exchange is required to send the details of all those who have completed transactions totaling more than $20k in a year to the IRS, along with their names (real or pseudonyms), birthdates, taxpayer identification numbers, addresses, phone numbers, email addresses, and ious other documents.