Bitwise Asset Administration distances itself from failed startup of similar identify

Bitwise Asset Management mentioned that it has no reference to one other agency of the identical identify whose founders are dealing with expenses.

The asset administration agency wrote on Nov. 9:

“San Francisco-based Bitwise Asset Administration, Inc., the most important crypto index fund supervisor in America, has no relationship with, and has by no means had a relationship with, the now-defunct Bitwise Industries, a former know-how firm primarily based in Fresno, California.”

Bitwise Asset Administration is among the many most notable asset managers which might be presently making an attempt to realize approval for a spot Bitcoin ETF by means of the U.S. Securities and Alternate Fee (SEC). It already affords quite a few different crypto-related funding merchandise, together with a variety of Ethereum futures ETFs.

Bitwise Industries, in the meantime, is a defunct tech firm that doesn’t seem to have labored with cryptocurrency in any approach.

Two U.S. companies filed expenses towards the founders of the latter firm immediately. The SEC mentioned that founders Irma Olguin, Jr. and Jake Soberal raised $70 million by falsifying their firm’s monetary info. The Division of Justice (DOJ), in the meantime, mentioned that the founders conspired to commit wire fraud and took over $100 million earlier than their firm collapsed. The 2 people haven’t been discovered responsible, however every faces as much as 20 years in jail, in addition to fines or penalties from every company.

Similar identify has precipitated confusion

The an identical identify appeared to trigger confusion on social media, as a number of posts and information articles used the asset administration agency’s brand in reference to the failed agency.

It appears that evidently the crypto market has not been negatively affected by the confusion, as Bitcoin (BTC) is up 0.1% over one hour and is up 2.2% over 24 hours. Nevertheless, additional publicity across the expenses could have an ongoing impact on the crypto market.

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