It felt like Disneyland had moved to Fresno, but something was always a little off. At Bitwise Industries, we were pampered. Free drinks at the coffee shop in the buildings, snacks, occasional meals, yoga sessions, massages, and more.

We even had animals walking around, including my favorite — a little pig that we kept pleading with its owner to bring in (it bit me but it was worth it).

Anthony W. Haddad

The Millennial View

Bitwise often felt surreal. But for those of us deeply committed to the company’s mission, we missed out on many of these perks because we were working tirelessly to drive the organization forward.

We endured long nights. We experienced breakdowns in the office. I cannot speak for everyone at the company but my team did whatever we could to get the job done.

Some of the strongest relationships I’ve built stemmed from trauma bonding with coworkers.

I still remember the many times I’d stride over to our media production team with a last-minute project that needed immediate attention, inevitably pushing everyone else’s work to the back burner. And then there were the moments my team would just sit at the table outside during lunch, staring into oblivion, from the amount of work we had to do. Oh, and bugging my boss every morning was truly a highlight.

We felt like we were working tirelessly to keep the ship afloat, not realizing we had already sunk.

The Writing Was on the Walls

We had our issues. Occasionally, our paychecks were issued as paper checks instead of direct deposits because of “bank issues.” Sometimes our AMEX cards were declined due to what we thought were delays in the accounting department. The warning signs were there, but living in this quasi-wonderland, we chose a blissful ignorance.

The “3EOs”— the two CEOs and the president—were seen by many as strong, inspiring leaders by some. The belief was so strong that one of our activities was the chance to get a matching tattoo with Irma when we returned to the office after COVID. People were so excited for their chance, but it was horrifying to witness them eagerly getting matching tattoos with someone they barely interacted with in person, driven by a sort of celebrity complex that reigned supreme.

Fortunately, my direct coworkers and I didn’t pay much attention to their constant displays of authority, whether walking around the offices or during their weekly Thursday calls, where they mostly asked each other, “How was your day?”

Sitting there for an hour just to hear one of them talk about how they slept the night before or how one just had a stomach ache was a waste of everyone’s time. When we returned to the office, many of us were ushered into the auditorium to watch these chats live. The marketing events team, which really brought the fun to the work environment, would blast music and distribute free food while we were getting ready to waste our next hour. However, the idea persisted that we would dedicate a full hour of company time each week to listen to three people talk about nonsense.

They preached that we were there to help the underserved, that our purpose was to ensure that those without a place had one at Bitwise, encapsulated by the tagline, “No One Belongs Here More Than You.”

What we didn’t realize was how much of what they said was a lie.

Perhaps Bitwise began with genuine intentions to help the community. But it soon became clear that media attention, money, and influence were the leaders’ true goals.

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A Memorial Day That Will Live in Infamy

On Memorial Day we were sent an email and given eight minutes to scramble to our computers on a holiday evening to hear our leaders say, “This sucks.” No apology, no explanation — just an announcement that we were immediately furloughed and our checks would most likely bounce.

Something fishy about this situation is that all Bitwisers were sent to work from home with the option to take all of their belongings because, supposedly, we were moving into our newly renovated, larger building the following week. Convenient timing for a clean-up, huh?

Prior to this, GV Wire published an article about Bitwise not paying taxes. Jake Soberal, co-CEO, gave an interview about the company’s booming finances, that we now know were blatant lies. Shortly after, another article addressed the payroll issues, which Bitwise employees were already dealing with.

We rushed to that article, hoping for more information than what the company was providing. At that moment, it felt like the dream job was close to over. However, we worked as if this would blow over and everything was fine. We learned, quickly, that nothing was fine.

I remember when, during one of the Thursday calls, Soberal made what we all thought was a joke about how to commit crimes involving investors. The video definitely did not age well once we discovered he was actually telling the truth.

When we lost our jobs, we lost more than just our income. Many Bitwisers lost their cars, their houses, their marriages, their friends, and their sense of security.

I quickly learned how to apply for unemployment benefits and obtain an EBT card. I was one of the lucky ones; all I lost was my roommate, but we stayed in touch. Still, I felt alone and worthless, sitting there with no job, feeling like the world was crashing around me. I watched many people that I saw every day lose everything. The CEOs didn’t just take our money, they stripped years from our lives.

For a couple of weeks, we were in limbo about our furlough until we received an email from our new company president stating that we were terminated. We had no details on whether we would ever get our money back. They owed us 401K matches, employer-paid taxes, and our last paychecks. Thousands of dollars that I will probably never see.

Some Sort of Resolution

Now, after more than a year of waiting, we’ve finally received some “justice.” It’s not the money owed to us, but it’s something to help us cope with what happened.

On Wednesday, Soberal and Olguin Jr. pleaded guilty in federal court. Soberal and Olguin altered financial documents, deceived investors, and lied to everyone. They took a plea deal for one count of wire fraud and conspiracy to commit wire fraud. As part of the plea, the federal government will not pursue additional charges and they’ll likely be sentenced to five years each in prison.

And, they agreed to make $115 million restitution — like there’s any chance of that ever happening.

Even though the courts have completed most of their process and I’m glad there is some punishment for their actions, it doesn’t erase what they did. The nearly 900 employees of Bitwise will forever bear the scars of having their lives upended and being forced onto a different path. Luckily, the Bitwisers are resilient and we relied heavily on each other (and also the kindness of the community).

Their defense attorneys issued a statement: “The important message for today is that Jake and Irma are profoundly sorry for the hurt they’ve caused.”

When we were fired, we never received an apology. When our coworkers approached them in public, they never offered an apology. Nothing from them on social media, either. Not even a simple “sorry.”

Knowing them like I do, I doubt they’re truly sorry for the damage they caused. Like most criminals, they’re sorry they got caught.

Irma Posts Apologies

A couple hours after this column was released, Irma Olguin Jr. posted a two page apology on behalf of themselves and Jake Soberal on social media.

At the peak of Bitwise, I was often asked, “Irma, what would you tell your younger self, knowing what you know now?”

The answer is this: Learn to apologize with your whole heart, and don’t ever let go of the people who still love you when you mess everything up. pic.twitter.com/hoA3tgbZB9

— Irma L. Olguin Jr. (@irms) July 18, 2024