FBI searches cryptocurrency manager Jesse Powell's home - investigation has been ongoing since September

FBI searches cryptocurrency manager Jesse Powell's home - investigation has been ongoing since September

FBI searches cryptocurrency manager Jesse Powell's home

In March, the FBI raided the home of cryptocurrency executive Jesse Powell. This was reported by the New York Times Business on July 6, 2023. Powell stated that the FBI and the US Attorney's Office for the Northern District of California had been investigating him since at least September last year.

During the search, electronic devices were seized from Powell's home in Brentwood, Los Angeles. However, Powell has not yet been accused of any crime. His attorney, Brandon Fox, said the investigation is primarily focused on allegations made by the Verge Center for the Arts, a nonprofit organization founded by Powell. They have nothing to do with Powell's involvement in the cryptocurrency industry. A spokesman for the Kraken company confirmed this statement.

Fox emphasized that Powell had done nothing wrong. Cointelegraph has reached out to Powell for comment on the incident but has not yet received a response.

It was reported that Powell founded the arts group Verge Center for the Arts in Sacramento in 2007. However, his LinkedIn account states that he has served as a founder and board member since April 2010.

Kraken, Powell's cryptocurrency exchange, remains the second-largest U.S.-based cryptocurrency exchange, just behind Coinbase, according to CoinMarketCap.

Kraken was hit with enforcement action by the U.S. Securities Exchange Commission in February for failing to register its staking service program. The company settled with the SEC and paid a $30 million fine.

It remains to be seen how the investigation into Jesse Powell will develop. The FBI and prosecutors have not yet filed any formal charges.