Federal Prosecutors Close Inquiry Into Co-Founder of Kraken Crypto Exchange

The Federal Bureau of Investigation (FBI) has closed its inquiry into Jesse Powell, the co-founder of the Kraken cryptocurrency exchange, regarding claims that he hacked into the online accounts of a nonprofit organization. The investigation stemmed from an FBI raid on Powell's home in 2023, which was part of the inquiry into the alleged hacking incident. However, the federal prosecutors have now decided to close the case, indicating that they did not find sufficient evidence to pursue criminal charges against Powell. The details of the investigation and the nature of the claims against Powell remain limited, as the case has not been publicly disclosed. The closure of the inquiry suggests that the prosecutors were unable to substantiate the allegations against the Kraken co-founder. This development comes as the cryptocurrency industry continues to face increased scrutiny from regulatory authorities, and the closure of this particular case may provide some relief to Powell and the Kraken exchange.