Bitwise Executives Charged with Fabricating Finances, ETF Plans Continue Despite Scandal
Bitwise Industries co-founders Irma Olguin Jr. and Jake Soberal have been arrested for allegedly executing a fraudulent scheme that swindled investors out of $100 million. They are accused of fabricating bank statements and providing false financial information to investors and their own board. The charges come after Bitwise furloughed 900 employees, causing disruption to its operations and putting the future of the company's commitments to various U.S. cities in doubt. Despite the scandal, Bitwise has amended its application for a Bitcoin ETF to offer investors regulated exposure to Ethereum and Bitcoin futures.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BlackRock’s Bitcoin ETF flips gold fund
SEC mulls approving Ethereum ETF options
Crypto mixer Bitcoin Fog founder receives 12.5-year prison sentence
Could XRP Reach $5, $10, or $20 in This Bull Run? Analysts Suggest a New Contender Might Lead!