Bitwise Asset Management stated on November 9th that it has no relationship with the now dissolved Bitwise Industries, and has never had any relationship with them. Bitwise Industries was a former technology company located in Fresno, California. Bitwise Asset Management, Inc., headquartered in San Francisco, is the largest cryptocurrency index fund management company in the United States. Bitwise Industries was a bankrupt technology company that appears to have had no involvement with cryptocurrency in any way. Two US institutions have charged the founder of Bitwise Industries today. The US Securities and Exchange Commission (SEC) stated that founders Irma Olguin, Jr. and Jake Soberal raised $70 million by falsifying company financial information. At the same time, the US Department of Justice (DOJ) stated that the founders conspired to commit wire fraud and fraudulently obtained $100 million before the company went bankrupt. These two individuals have not yet been convicted, but each faces up to 20 years in prison and fines or penalties from each institution.