Bitwise Asset Management said that it has no connection with another firm of the same name whose founders are facing charges. The asset management firm wrote on Nov. 9: “San Francisco-based Bitwise Asset Management, Inc., the largest crypto index fund manager in America, has no r...
“San Francisco-based Bitwise Asset Management, Inc., the largest crypto index fund manager in America, has no relationship with, and has never had a relationship with, the now-defunct Bitwise Industries, a former technology company based in Fresno, California.”
Bitwise Industries, meanwhile, is a defunct tech company that does not appear to have worked with cryptocurrency in any way.
Two U.S. agencies filed charges against the founders of the latter company today. The SEC said that founders Irma Olguin, Jr. and Jake Soberal raised $70 million by falsifying their company’s financial information. The Department of Justice (DOJ), meanwhile, said that the founders conspired to commit wire fraud and took over $100 million before their company collapsed. The two individuals have not been found guilty, but each faces up to 20 years in prison, as well as fines or penalties from each agency.
Identical name has caused confusion
The identical name appeared to cause confusion on social media, as multiple posts and news articles used the asset management firm’s logo in connection with the failed firm.