Recently-shuttered Bitwise Industries is now being sued for more than $30 million.
The troubled Fresno-based tech company closed it’s doors over the Memorial Day holiday and furloughed all of its employees.
On Wednesday, a Texas company that financed several of Bitwise’s real estate deals in 2022, filed suit in Fresno Superior Court.
The complaint filed by Houston-based NICByte claims that Bitwise took out “approximately $30,000,000 in loans ostensibly secured by the Company’s properties and listing four of them for sale without Investor’s approval or consent.”
“[Bitwise’s] flagrant deception and unauthorized actions, especially its taking out approximately $30,000,000.00 in loans ostensibly secured by the Company’s properties and listing four of them for sale without Investor’s approval or consent, each individually, and in the aggregate, constitute material and un-curable breaches and defaults under the [joint venture agreement].”
