In a twist that would make even the most seasoned detective blush, the US Department of Justice has officially closed the curtain on its investigation into Jesse Powell, the co-founder of Kraken. The probe, which kicked off in 2023, had less to do with Powell’s crypto escapades and more with an alleged hackathon at the Verge Center for the Arts – a nonprofit he lovingly (or perhaps not-so-lovingly) founded. 🎨🔍
When the FBI Came Knocking 🚪👮♂️
The investigation escalated when the FBI staged a dramatic raid on Powell’s Los Angeles abode, carting off dozens of devices in what could only be described as a tech enthusiast’s worst nightmare. The raid, which turned heads faster than a crypto whale crashing a bull market, was part of the Biden administration’s broader crackdown on the sector. But fear not, dear reader, for Powell’s electronics have since been returned, and he claims they hold the smoking gun to his innocence. 🖥️🔫
Prosecutors, in a rare moment of clarity, informed Powell’s legal team in April that no charges would be pursued. Powell, who stepped down as Kraken’s CEO in 2022 but still lingers on its board, described the ordeal as “devastating.” He’s now gearing up for a civil showdown against Verge, accusing its leadership of defamation and document-hoarding. 📄⚔️
In a tweet that could only be described as vintage Powell, he quipped:
“Very glad to have this behind me. It never made sense, but neither does the Roman Storm trial. Wild how quickly you can have your life upended. I’m grateful for those who saw through it and for my stellar legal team. Now, turning my attention back to Kraken.”
The Crypto Cavalry Rides In 🐎🚀
The crypto community wasted no time rallying behind Powell. Coinbase CEO Brian Armstrong labeled the investigation “baseless,” praising Powell’s contributions to the sector. Meanwhile, Casa co-founder Jameson Lopp declared that the “baseless persecution” of Powell was “finally over.” Binance’s Changpeng “CZ” Zhao chimed in, acknowledging the toll of the process but expressing relief that “everything is cleared.” It’s heartwarming, really – like a blockchain-fueled group hug. 🤗💻
As Kraken contemplates a potential IPO by early 2026, one can’t help but wonder if Powell will crack open a bottle of champagne – or perhaps a cold wallet – to celebrate this legal victory. 🍾🔐
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2025-07-24 07:04