{"id":86893,"date":"2023-11-10T18:34:22","date_gmt":"2023-11-10T16:34:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86893"},"modified":"2025-09-13T08:21:20","modified_gmt":"2025-09-13T05:21:20","slug":"bitwise-denies-links-with-the-bankrupt-similarly-named-bitwise-industries-project","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitwise-denies-links-with-the-bankrupt-similarly-named-bitwise-industries-project\/","title":{"rendered":"Bitwise denies links with the bankrupt, similarly named Bitwise Industries project"},"content":{"rendered":"<p>Bitwise Asset Management <a href=\"https:\/\/bitwiseinvestments.com\/newsroom\/bitwise-has-no-affiliation-with-bitwise-industries\">stated<\/a> that it has no ties to the California-based technology startup Bitwise Industries amid regulatory troubles.<\/p>\n<p>The statement followed charges by the U.S. Securities and Exchange Commission against the project&#8217;s co-founders for conspiring to defraud investors. According to the agency, Jake Soberal and Irma Olguin misled investors about the startup&#8217;s finances.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today we announced charges against Jake Soberal and Irma Olguin, Jr., the former co-CEOs of Fresno, California-based private technology services startup Bitwise Industries Inc., for misleading investors about the company\u2019s finances.<\/p>\n<p>\u2014 U.S. Securities and Exchange Commission (@SECGov) <a href=\"https:\/\/twitter.com\/SECGov\/status\/1722687684852826151?ref_src=twsrc%5Etfw\">November 9, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>The accused could have simply admitted that Bitwise&#8217;s business model was unsustainable. Instead, they used lie after lie to pull more than $100 million into a dying enterprise through fraud, the statement said.<\/p>\n<\/blockquote>\n<p>Prosecutors noted that the executives forged bank statements and provided false information to the board of directors. The company filed for bankruptcy earlier this year, despite assurances of financial stability.<\/p>\n<p>A similarly named startup caused confusion on social media \u2014 in some posts the Bitwise Asset Management logo appeared.<\/p>\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" data-id=\"219830\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-10-v-12.26.17.webp\" alt=\"Snimok-ekrana-2023-11-10-v-12.26.17\" class=\"wp-image-219830\"\/><\/figure>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" data-id=\"219831\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-11-10-v-12.26.29.webp\" alt=\"Snimok-ekrana-2023-11-10-v-12.26.29\" class=\"wp-image-219831\"\/><\/figure><figcaption class=\"blocks-gallery-caption wp-element-caption\">On the left \u2014 news of charges against the Bitwise Industries co-founders with the Bitwise Asset Management logo. On the right \u2014 the original Bitwise Asset Management logo. Data: <a href=\"https:\/\/twitter.com\/PiQSuite\/status\/1722705189918945634\">X<\/a> and <a href=\"https:\/\/bitwiseinvestments.com\/newsroom\/bitwise-has-no-affiliation-with-bitwise-industries\">site<\/a> Bitwise Asset Management.<\/figcaption><\/figure>\n<p>Representatives said that Bitwise Asset Management &quot;has had no relationship with the now-defunct Bitwise Industries.&quot;<\/p>\n<p>Binance <a href=\"https:\/\/forklog.com\/en\/news\/binance-brands-nigeria-based-name-similar-exchange-a-scam\">called fraudulent<\/a> the Nigeria-based bitcoin exchange and demanded that it cease operations. The reaction followed a statement by the local regulator about the illegal activity of the &ldquo;subsidiary&rdquo;.<\/p>\n<p>Earlier in October, Trader Joe&#8217;s <a href=\"https:\/\/forklog.com\/en\/news\/trader-joes-grocery-chain-sues-the-eponymous-dex\">filed a trademark infringement suit<\/a> against a <span data-descr=\"decentralized exchange\" class=\"old_tooltip\">DEX<\/span> Trader Joe because of its \u201ctoo similar\u201d name.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitwise Asset Management said there are no ties to the California-based technology startup Bitwise Industries amid regulatory troubles.<\/p>\n","protected":false},"author":1,"featured_media":86894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[949,128,26],"class_list":["post-86893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitwise","tag-sec","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=86893"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86893\/revisions"}],"predecessor-version":[{"id":86895,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86893\/revisions\/86895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/86894"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=86893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=86893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=86893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}