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FBI Raids Home of Kraken Crypto Exchange Co-Founder



As part of an ongoing criminal investigation, the Federal Bureau of Investigation (FBI) reportedly executed a search warrant at the residence of Jesse Powell, the co-founder of Kraken, a prominent cryptocurrency exchange. This development marks a significant milestone in the case. The investigation revolves around allegations that Powell, who co-founded the nonprofit organization Verge, hacked into it and launched cyber-attacks against it. Three individuals with knowledge of the investigation have been mentioned.

The core of the investigation focuses on claims that Powell, utilizing his technical expertise, orchestrated cyber-attacks against the nonprofit he played a role in establishing. According to reliable sources, as reported by the New York Times Powell’s alleged involvement in these attacks, which included interfering with the organization’s accounts and obstructing access to important emails and messages, triggered the FBI’s intervention. 

The probe aims to assess the scope of the attacks, their motivations, and the impact they had on the targeted organization and its operations. According to a source familiar with the investigation, agents raided Powell’s residence in his Los Angeles neighbourhood and confiscated certain electronic devices.

Powell’s attorney, Brandon Fox, verified that federal prosecutors in North Carolina were looking into his client. He clarified that the allegations were made by the arts organization Verge Center for the Arts and were unrelated to Powell’s involvement in the cryptocurrency industry.

Powell stands accused of multiple actions, including blocking Verge’s access to the arts group’s website, emails, and internal messaging system. Additionally, there are allegations of improper access to confidential information.

These accusations were made in a letter from the attorney representing the art group, Philip Cunningham. It is claimed that these actions took place subsequent to the board removing Powell due to his violation of the company’s values and ethics.

Read also: CZ says BlackRock’s entry into Crypto is not a threat to Binance

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