Bitwise Faces Multi-Million Dollar Lawsuit as Mukamal Family Sues Them for $2M in Damages

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Bitwise Faces Multi-Million Dollar Lawsuit as Mukamal Family Sues Them for $2M in Damages

Bitwise Asset Management is facing a threat to its reputation after being accused of fraud by the Mukamal family, which was one of the early investors in the asset management firm.

The lawsuit, which was filed July 8 at the New York Supreme Court, alleges that the company and its top bosses, the CEO Hunter Horsley, President Teddy Fusaro, and the Chief Investment Officer Matt Hougan, engaged in negligence, a pump and dump scheme, deceiving investors which has defrauded many and caused them to lose a lot of money.

Theodore Mukamal, a son of the Mukama family, stated that Bitwise executed a reckless pump-and-dump scheme for their selfish interest. This caused the Bitwise 10 Crypto Index Fund (BITW) to trade below its Net Asset Value (NAV) for three years, which is a big blow to people who have invested.

In the complaint submitted, it was revealed that Mukamal had initially invested $1.3 million into Bitwise HOLD 10 Private Index Fund in March 2018. However, the agreement was altered in 2020 when Bitwise decided to turn the fund into a public Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) License.

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Bitwise Faces Multi-Million Dollar Lawsuit as Mukamal Family Sues Them for $2M in Damages