Bitwise Disassociates from Troubled Firm
Bitwise Asset Management, a leading crypto index fund manager, has clarified that it has no ties to the troubled tech startup, Bitwise Industries, which is facing legal troubles brought forth by the US Securities and Exchange Commission (SEC). The co-founders of Bitwise Industries, Irma Olguin Jr. and Jake Soberal, have been slapped with charges of wire fraud conspiracy and alleged misappropriation of $100 million from various investors.
The SEC claims that they went to great lengths, including falsifying documents, to deceive investors and secure funds.
Bitwise Asset Management asserted their independence from the beleaguered tech firm, stating that they have no relationship with the now-defunct Bitwise Industries. The company is renowned for its diverse range of crypto-related investment products, including Ether futures exchange-traded funds (ETFs) and is actively pursuing approval for a spot Bitcoin ETF. In contrast, Bitwise Industries appears to be a defunct tech company with no history of involvement in digital assets or cryptocurrencies.
(With inputs from Shikha Singh)
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