REPORT: Bitwise Industries' Board of Directors announces termination of company's co-CEOs

FRESNO, Calif. — GV Wire is reporting Friday night Bitwise Industries' Board of Directors announced the termination of the company's co-CEOs Jake Soberal and Irma L. Olguin, Jr. effective immediately.

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According to FOX26 News partner, GV Wire, the announcement was made via email sent by the company's new Interim President, Ollen Douglass to employees and contractors.

Douglass is listed as a member of the company’s board of directors.

According to GV Wire, the Board of Directors has initiated an investigation into what led to the mass furloughs.

GV Wire shared the following statement from Douglass:

“Unfortunately, the non-management board and I, like many of you, are finding out that the picture the company consistently communicated orally and in presentations, was not an accurate picture of the company’s financial health. It is heartbreaking and disappointing on multiple levels,” Douglass wrote.

He then wrote that Soberal and Olguin “have been terminated.”

To learn more about this story, visit gvwire.com.

This is a developing story.