SEC Alleges Former Bitwise Industries CEOs in $70M Fraud Scheme

    The US SEC accuses former CEOs of Bitwise Industries of defrauding investors in a $70 million scheme. Bitwise Asset Management clarifies no association with the implicated tech firm. Legal actions filed against founders.

    The SEC has charged former Bitwise Industries CEOs Jake Soberal and Irma Olguin with orchestrating a fraudulent scheme, allegedly misleading investors by falsifying financial information. The tech company collapsed, leading to charges and potential prison sentences for the accused duo. Bitwise Asset Management disclaims any connection with Bitwise Industries and emphasizes its standing as a separate entity. Criminal charges, along with SEC actions, underscore the severity of the alleged financial misconduct. The case unfolds amid the backdrop of Bitwise and other firms awaiting SEC approval for a spot Bitcoin ETF.

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