Bitwise Faces $2 Million Lawsuit Over Alleged Investor Fraud

Bitwise Faces $2 Million Lawsuit Over Alleged Investor Fraud

Published Wednesday 10th July 2024

Bitwise Asset Management, a prominent cryptocurrency investment firm, is currently facing a $2 million lawsuit from the Mukamal family. The family alleges that Bitwise engaged in fraudulent activities, negligence, and a "pump and dump" scheme. This scheme reportedly led to substantial financial losses for investors who trusted Bitwise with their funds.

The lawsuit filed by the Mukamal family claims that Bitwise misled investors by artificially inflating the value of certain cryptocurrencies before selling them off at a profit. This practice, known as "pump and dump," is illegal and unethical in the investment world. The family further accuses Bitwise of negligence in managing their investments, resulting in significant damages.

Crypto News & Headlines

Standard Chartered, Animoca Brands Join Hong Kong's Stablecoin Sandbox

The Hong Kong Monetary Authority (HKMA) has announced participants, including Standard Chartered and Animoca Brands, for its stablecoin issuer sandbox

Trending on 18th July 2024 01:23 PM

BlockFi To Begin Temporary Crypto Distributions On Coinbase In July

Bankrupt crypto lender BlockFi will begin its first temporary distribution of crypto assets through Coinbase in July, but non-U.S. clients are current

Trending on 18th July 2024 12:54 PM

Mt. Gox Creditors Face Multiple Brute-Force Login Attempts

Mt. Gox creditors are reporting numerous unauthorized login attempts on their accounts, with the claims website currently down for maintenance.

Trending on 18th July 2024 11:03 AM

Polygon (MATIC) Set For Major Upgrade And Migration To POL Token On September 4

Polygon (MATIC) is undergoing significant upgrades, including a token transition to POL by September 2024, as part of its 2.0 roadmap to enhance its Z

Trending on 18th July 2024 10:45 AM

Indian Crypto Exchange WazirX Hit By $230M Hack

WazirX, a major Indian crypto exchange, suffered a security breach where over $230 million in crypto assets were unauthorizedly transferred from its m

Trending on 18th July 2024 09:43 AM