tl;dr
Bitwise Asset Management is being sued by Vandelay Industries on behalf of the Mukamal family, alleging financial misconduct and seeking $2 million in damages. The controversy stems from the family's 2018 investment in the Bitwise HOLD 10 Private Index Fund, with tensions escalating in 2020 over pro...
Bitwise Asset Management Faces $2 Million Lawsuit from Vandelay Industries
Bitwise Asset Management is being sued by Vandelay Industries on behalf of the Mukamal family, alleging financial misconduct and seeking $2 million in damages. The lawsuit accuses Bitwise of breach of fiduciary duty, negligence, misrepresentation, fraud, and other violations.
The controversy began with the Mukamal family’s early 2018 investment of about $1.3 million in the Bitwise HOLD 10 Private Index Fund. Tensions escalated in 2020 over proposed changes and increased management fees during the COVID-19 market downturn.
The lawsuit sheds light on broader industry implications and involves influential investors, including Daniel Loeb and Stanley Druckenmiller, adding significant public interest and complexity to the proceedings.
A Bitwise spokesperson disputes the claims, citing Theodore Mukamal's history of legal threats for personal gain.
Bitwise is also the issuer of the Bitwise Bitcoin Fund (BITB), which has attracted significant inflows. Last week, Bitwise updated its S-1 filings for the spot Ethereum ETF.
More about Rush Street Interactive Inc
Rush Street Interactive Inc
Rush Street Interactive, Inc. is an online casino and sports betting company in the United States and Latin America. The company is headquartered in Chicago, Illinois.
Industry: TRADE & SERVICES
Sector: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION
Market Cap: 2011703000
Dividend Yield: None
EPS: None
P/E Ratio: -0.17
ROE: 10.48%
Beta: -0.0158
Volume: 746228000
Current Price: 10.03
50-Day Moving Average: 0
200-Day Moving Average: 0.888