FTX Debtors filed a lawsuit against Grayscale, DCG, and two of its executives The lawsuit claims that the firm prevented Alameda from redeeming its shares The FTX saga continues to hit the crypto headlines. In its latest, the FTX Debtors have announced a lawsuit against Grayscale Investments, a popular crypto asset management firm. The lawsuit […]
The lawsuit claims that the firm prevented Alameda from redeeming its shares
The FTX saga continues to hit the crypto headlines. In its latest, the FTX Debtors have announced a lawsuit against Grayscale Investments, a popular crypto asset management firm. The lawsuit also extends to its CEO – Michael Sonnenshein, its parent company – Digital Currency Group , and its founder – Barry Silbert. Moreover, the lawsuit is filed by FTX debtor affiliate – Alameda Research – the infamous FTX investment arm.
Notably, the lawsuit seeks legal relief to “unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts.” In addition, the lawsuit wants Grayscale to “realize over a quarter billion dollars in asset value.”FTX Debtors complaint against Grayscale The FTX Debtor claims that Grayscale charged exorbitant management fees of over $1.3 billion from the firm. And, this violated the Trust agreements between Grayscale and Alameda. Moreover, the complaint alleges that the asset management firm has prevented its shareholders from redeeming their shares citing “contrived excuses.”
The complaint also takes into account the recent fall in the Net Asset Value of Grayscale Bitcoin Trust . GBTC started trading at a discount after reports of DCG’s sister company – Genesis Trading –
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