Jake Soberal and Irma Olguin Jr., the former co-CEOs of Bitwise Industries, were sentenced to a combined 20 years in federal prison for their roles in a wire fraud scheme that defrauded victims of approximately $115 million. The sentencing took place in federal court in Fresno, California, on December 17, 2024. The fraudulent activities led to significant financial losses for victims, totaling over $23 million, and resulted in the collapse of Bitwise Industries in 2023, which had previously been regarded as a pioneering tech startup in California's Central Valley. Both founders pleaded guilty to charges of wire fraud and conspiracy to commit wire fraud, marking a dramatic fall from grace for the once-prominent figures in the tech industry.