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In one of the largest coordinated operations this year, the U.S. Department of Justice (DOJ) just announced the seizure of over $700 million in digital currencies and charged two Chinese citizens believed to have run large-scale fraud schemes in Southeast Asia with "bank fraud conspiracy."

The operation was coordinated with the Treasury Department (OFAC), the State Department, and the Federal Bureau of Investigation (FBI), with a clear message: "We're not done yet."

The Federal Bureau of Investigation (FBI) has officially ended its nearly two-year-long investigation into Kraken founder Jesse Powell, which included a raid on his home and the seizure of multiple electronic devices. The investigation, however, had nothing to do with cryptocurrencies, but rather with an extended legal dispute involving the nonprofit art organization Verge.

Investigation Unrelated to Crypto
According to Fortune, the FBI’s inquiry was not focused on Powell’s activities in the crypto industry but rather on tensions surrounding his involvement with Verge, a nonprofit art group he helped establish. Powell faced allegations of cyberstalking and unauthorized access to the organization’s communication platforms.
These claims led to a high-profile FBI raid in 2023, during which agents seized dozens of devices, including smartphones and laptops. Powell has consistently denied any wrongdoing, asserting that the situation stemmed from internal conflicts and an attempted ousting by Verge leadership.

DOJ Drops Case, Returns Devices
Now, the U.S. Department of Justice has officially dropped the case and returned all seized devices to Powell. Reports suggest that the devices actually contain evidence supporting Powell’s version of events, including proof of legitimate access to organizational accounts.
“The FBI raid on my home was devastating—both personally and professionally,” Powell stated. “It’s still shocking that such an operation was launched based on unsubstantiated allegations from a nonprofit art center.”
It remains unclear whether any of the returned devices contained cryptocurrencies. At the time of the raid, Bitcoin was trading around $23,000, while today it has surged to nearly $120,000, setting new all-time highs.

Kraken Moves Forward with Innovation
Despite the cloud of investigation, Powell’s exchange Kraken has continued to push forward with new innovations. Recently, Kraken expanded its offering of tokenized U.S. equities to Binance Chain and other blockchain ecosystems. Meanwhile, the company remains on track with its plans for an initial public offering (IPO), which could make it the next major U.S.-listed crypto exchange.

#Kraken , #FBI , #CryptoNews , #CryptoCommunity , #Regulation

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In an effort to combat the sharply increasing cryptocurrency fraud, the FBI has just launched Operation Level Up, which has saved over 4,300 victims from losses of up to $285 million. This campaign aims to mitigate damages from cryptocurrency investment scams, estimated at up to $3.9 billion just in 2023.
The Trick "Pig Butchering" and the Fraud Target
According to reports from the Internet Crime Complaint Center (IC3) of #FBI , around 3,200 complaints related to cryptocurrency investment fraud are filed each month. These scams are often negatively referred to as "pig butchering" – implying fattening the prey with promises of huge profits before suddenly seizing all assets.

The UAE-based company CLS Global agreed to accept U.S. charges that they manipulated the value of a special FBI-created cryptocurrency token used to fight crypto fraud. 
The FBI’s first-ever operation to fight cryptocurrency fraud charged CLS Global as one of 15 individuals and three companies. Prosecutors say CLS Global provided illegal trading services to cryptocurrency companies and agreed to help manipulate the market for the FBI-backed NexFundAI token, which runs on the Ethereum blockchain.
The company told investigators it made fake trades to make the token’s price and trading activity look higher than they really were. CLS Global must pay $428,059 and cannot trade cryptocurrencies on U.S. platforms or serve U.S. clients. 
To show it follows the rules, CLS Global must give proof of compliance once a year. The company also says it will pay back the U.S. Securities and Exchange Commission for breaking its rules.
The case shows regulators are paying closer attention to crypto companies, and shows how essential it is for these firms to follow U.S. rules when dealing with digital currencies.
#FBI #crypto #CryptoSurge2025

Americans lost $9.3 billion to crypto fraud in 2024, according to FBI data. The majority of the scams involved fake exchanges, rug pulls, and fraudulent investment apps.

Authorities are urging users to verify platforms and be skeptical of “too good to be true” returns.
#FBI #TRUMP