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Kraken Co-Founder Jesse Powell Being Investigated for Suspected Hacking and Cyberstalking of Non-Profit Organization
Jesse Powell, the co-founder of the cryptocurrency exchange Kraken, is currently being investigated by federal law enforcement agencies following accusations that he engaged in hacking and cyberstalking against a non-profit organization he established. This confirmation emerged after a report by The New York Times on Thursday highlighted the ongoing criminal inquiry.
The investigation centers on claims from the Verge Center for the Arts that Powell intentionally hindered access to their computer accounts, obstructing their ability to access emails and other communications. The Times referenced three anonymous sources in its report. Agents conducted a search of Powell’s residence in Brentwood, situated in Los Angeles’ Westside, where they confiscated electronic devices. The FBI and the U.S. Attorney’s Office for the Northern District of California have been conducting inquiries since at least the previous fall.
It is crucial to emphasize that Powell has not yet been charged with any offenses. In a statement to CoinDesk, Brandon Fox, an attorney from Jenner & Block, asserted that Verge’s account was biased and did not provide the complete context. Fox maintained that Powell had acted appropriately and that the issue was not connected to his role or behavior in the cryptocurrency sector.
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In a distinct legal matter last month, Powell initiated a lawsuit against Verge in California Superior Court, claiming his ownership and legitimate access to the email accounts. According to Fox, Powell continues to serve as a board member of Verge. However, a lawyer representing Verge contested Powell’s assertions, as reported by The Times.
Powell, who co-founded Verge in 2007 with its headquarters in Sacramento, was removed from the organization’s board in 2022 after allegedly breaching their guiding principles, according to The Times.
Kraken, the cryptocurrency exchange associated with Powell, informed CoinDesk that it is aware of the civil dispute, investigation, and search warrants. The spokesperson clarified that Kraken itself is not involved in the investigation, as confirmed by the U.S. Attorney, and that the inquiry does not relate to Powell’s connection with Kraken.
The investigation into Jesse Powell’s purported hacking and cyberstalking activities against the Verge Center for the Arts is ongoing, with additional developments anticipated to provide further clarity on the situation in the upcoming weeks.
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