The report in SF Gate speaks for itself, especially with regard to modified bank statements.

…according to the affidavit, Olguin and Soberal sent an investor an “altered” bank statement that showed a Bitwise account on March 31, 2022, with over $20 million in cash in it. First Republic Bank provided the government with the actual statement, which showed that the company had just $325,000, the affidavit said. Olguin and Soberal “explained that they made the alterations because they believed … no one would invest in the Series B-2 if people knew the company’s actual condition,” per the affidavit.

They believed nobody would invest if “company’s actual condition” was known, so they lied in the most unintelligent way possible to attract investors.

See also: Tesla Whistleblowers Allege Books Cooked Since 2017