Soberal, Olguin agree to plea deal in Bitwise fraud case

The Bitwise founders will appear in court in two weeks to change their not guilty plea.

Bitwise founders Jake Soberal and Irma Olguin Jr. have agreed to a plea deal with the federal government. 

Court documents show that the attorneys for Soberal and Olguin filed a motion in federal court on Tuesday to set a date for a change of plea. 


The big picture: Details of the plea deal were not available as of Wednesday morning, with the motion simply stating that the parties have reached plea agreements. 

  • The plea deal has been a long time coming, with hearings for the duo having been delayed multiple times already. 
  • Soberal and Olguin previously pleaded not guilty to conspiring to commit wire fraud and wire fraud. 

What we’re watching: Soberal and Olguin will appear in court on July 17 to change their plea. 

  • They face a maximum of 20 years in prison and $250,000 in fines. 

The backstory: The hearing in a couple weeks comes after the former Bitwise co-CEOs pleaded not guilty in federal court last November following the company’s demise in May 2023. 

  • Federal prosecutors accused Soberal and Olguin of committing wire fraud in excess of $100 million. 
  • The federal complaint stated that Soberal and Olguin lied to the Bitwise board and investors, saying the company had over $77 million in the bank with revenue over $143 million. Federal prosecutors said those numbers were completely fabricated. 
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