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FBI Searched the Home of Crypto Exchange Founder Jesse Powell in March

Katie Lin

Summary: The FBI searched the home of cryptocurrency executive Jesse Powell in March as part of an investigation into claims that he hacked and cyber-stalked Verge Center for the Arts, a nonprofit organization he founded, according to reports by The New York Times. The investigation centered around Verge's claim that Powell had tampered with the organization's ...

The FBI searched the home of cryptocurrency executive Jesse Powell in March as part of an investigation into claims that he hacked and cyber-stalked Verge Center for the Arts, a nonprofit organization he founded, according to reports by The New York Times. The investigation centered around Verge's claim that Powell had tampered with the organization's computer accounts, blocking access to emails and other information. The FBI and the U.S. attorney's office for the Northern District of California's have been looking into Powell since the fall of last year but have not charged him with any crimes. Powell's lawyer stated that this investigation is unrelated to his professional involvement in the cryptocurrency arena and is specifically focused on the allegations made by the art group Verge. 

Powell, along with the well-known cryptocurrency exchange he founded, Kraken, has been under legal scrutiny for several years. In recent months, prosecutors have been investigating allegations made against Kraken and Powell in a wrongful termination lawsuit filed against the company in 2019. Last year, Kraken paid a $360,000 fine to the Department of the Treasury for violating sanctions regulations. Last year, Verge removed Powell from the board of directors, citing his failure to attend board meetings and violations of the organization's "guiding principles." After being dismissed, Powell blocked Verge from using its website, email, and internal information system, and illegally accessed confidential information related to the accounts. Recently, Powell filed a lawsuit against Verge in state court in Sacramento, claiming his termination was wrongful and that he owned Verge's digital accounts.

Author: Katie Lin

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