U.S. officials have formally concluded their investigation into Jesse Powell, the mind behind
$529.7M
, and returned the digital devices that were taken during a search of his Los Angeles residence in 2023.
The decision, as reported by Fortune on July 22nd, puts an end to a legal matter that wasn’t directly related to Powell’s position at Kraken or the broader cryptocurrency industry.
Powell announced the development in a message shared on X, stating he was “Very glad to have this behind me”. He also expressed gratitude to those who offered support throughout the ordeal, as well as acknowledging the efforts of his legal representatives. “It’s amazing how quickly your world can be flipped upside down,” he remarked.
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The investigation was triggered by allegations suggesting Powell interfered with the Verge Center for the Arts, a non-profit organization he played a role in establishing back in 2008.
Reports indicate that he faced accusations related to restricting access to email accounts and manipulating the group’s computer infrastructure. A 2023 report by The New York Times disclosed that FBI agents had conducted a search of his residence as part of this investigation.
Powell refuted the accusations, denying any involvement in the alleged misconduct, and subsequently initiated a civil action against some of the board members of the group, claiming they misrepresented the relevant events.
Neither the Justice Department nor the FBI have offered an explanation for the cessation of the inquiry. However, Powell drew a parallel between his situation and another prominent legal matter. He commented in a post on X, “It never made sense, but neither does the Roman Storm trial”.
More recently, the legal representatives for Roman Storm informed a judge about the potential for requesting a mistrial. Want to know what Storm’s attorney, David Patton, had to say? Delve into the complete story here.
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