The U.S. Federal Bureau of Investigation (FBI) is dropping its investigation into the well-known founder of crypto exchange Kraken, Jesse Powell.
According to Fortune, new court documents submitted by Powell this week indicate that the Justice Department has completely stopped investigating the Kraken founder.
When Powell’s home was raided by authorities two years ago, the Justice Department confiscated dozens of cell phones and laptops – some of which were potentially storing crypto assets. Powell’s recent court filing shows that the items were returned.
The legal conflict mostly focused on Powell’s involvement in a nonprofit called Verge, which he founded himself in Sacramento in 2007. The New York Times reported at the time that Powell had allegedly “hacked and cyber-stalked” the nonprofit, though the Kraken founder denied the reports.
Powell’s recent court filings claim that the returned devices contain information that proves his account of events to be true.
Said Powell,
“The FBI’s raid on my house was devastating both personally and professionally. It is still shocking that the raid was premised on Verge Center for the Arts baseless accusations against me. I knew that I had done nothing wrong, and discovery in my defamation case against Verge has shown this is undeniable.”
Jesse Powell’s attorney, Brandon Fox, says he received a declination letter from the Department of Justice informing him that the investigation had been closed.
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