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The FBI and the Homeland Security Agency raided the office of the National Science Institute, a technology hub formerly known as The Geek Group, in Michigan, US, during a crypto-related investigation.

According to the local news outlet WoodTV, the founder of?the National Science Institute, Chris Boden, made a live public statement on YouTube Saturday night, a statement which has since then been deleted.

In that video Boden said that computers, hard drives and?other?equipment was removed from the office on Dec. 21 because he was commercially trading in crypto-currency?without?the proper authorization.?

'I believe I am facing federal prison and I believe I will spend more than $100,000 in legal expenses', Boden said.

'I did a stupid thing, I made a bad decision, so I’m going to pay for it.'

Boden accepted responsibility for his actions and took the blame for the closing of the business, which occurred 10 days after the raid.

He further stated that 'on the advice of legal council I will not comment further on the Government’s ongoing investigation.'

Read more:Deutsche Bank raided for money laundering, crypto twitter responds

The founder of the innovative technology hub formerly known as The Geek Group took to YouTube Saturday night to offer an explanation as to why the business closed following a raid of the West Side offices by the FBI and the Homeland Security Agency. https://t.co/hGjmY6SAjJ

— 1230 WTKG (@1230WTKG) January 6, 2019

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