- Strike CEO Jack Mallers disclosed that Chase Bank closed his accounts over alleged violations of the Bank Secrecy Act.
- The bank cited “concerning activity” connected to his account but did not specify what triggered the closure.
- Senator Ron Wyden accused JPMorgan executives of involvement in Jeffrey Epstein’s sex trafficking network, prompting call for investigations.
- Mallers linked the account closure announcement with the senator’s allegations and previously criticized JPMorgan CEO Jamie Dimon’s stance on Bitcoin.
- The situation has revived references to Operation Chokepoint 2.0, a government crackdown on crypto-related accounts, with industry figures commenting on its continuation.
Jack Mallers, CEO of Strike, revealed that Chase Bank closed his accounts after it detected what it described as “concerning activity” potentially violating the Bank Secrecy Act. Mallers shared this information via a tweet, alongside allegations made by Senator Ron Wyden linking JPMorgan executives to enabling Jeffrey Epstein’s sex trafficking operations.
The bank sent Mallers a letter explaining the closure but did not clarify the specific activity that led to its decision. Mallers framed the letter in his social media post, emphasizing that Chase refused to provide further details even when he sought clarification. He described the situation as “bizarre,” noting that his father had banked with Chase for over 30 years.
Senator Wyden, a Democrat from Oregon, recently called for an investigation into whether JPMorgan Chase intentionally underreported suspicious transactions amounting to $1 billion related to Epstein. Wyden stated that JPMorgan executives, including top-level staff reporting to CEO Jamie Dimon, monitored Epstein’s accounts closely and even advised him on how to conceal large cash withdrawals.
Mallers waited nearly two months before making the account closure public. He has been openly critical of JPMorgan in the past, dismissing Dimon’s labeling of bitcoin as a “pet rock” and distancing himself from the bank’s negative portrayals of cryptocurrencies. Following his announcement, Mallers posted, “Seek truth. Stand with integrity. Fight for freedom. Protect Bitcoin at all costs.”
In addition to managing Strike, Mallers leads Twenty One, a bitcoin treasury company supported by stablecoin provider Tether and its affiliated exchange Bitfinex, which aims to compete with Michael Saylor’s bitcoin strategy.
The account closure has also rekindled discussions about Operation Chokepoint 2.0, a purported initiative by the Biden administration to restrict banking services to crypto executives under the pretext of regulatory enforcement. Bo Hines, a former advisor to Donald Trump and head of the stablecoin USAT supported by Tether, remarked that Chase seems unaware the operation has ended. Tether CEO Paolo Ardoino commented that the closure was “for the best.”
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