FTX News: In what comes as another twist in the ongoing FTX bankruptcy case, the FTX conglomerate announced today that one of their debtors, Alameda Research, has filed a lawsuit against Grayscale Investments in the Delaware State Court of Chancery. In addition, the FTX Debtors have filed claims against Michael Sonnenshein, the Chief Executive Officer of Grayscale, as well as against the Digital Currency Group (DCG) and Barry Silbert, the owners of Grayscale.
Alameda Research is taking legal action
The FTX Debtors are seeking a court order to release $9 billion or more in value to shareholders of the Grayscale Crypto Trusts and to realize more than $250 million in asset value for the customers and creditors of the FTX Debtors.
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According to the lawsuit filed by Alameda, Grayscale allegedly charged unreasonable management fees for operating and managing the Grayscale Bitcoin and Ethereum Trusts. In addition, it has accused Grayscale of trading its shares at a discount of nearly half its net asset value.
Multiple allegations against shades of grey
The complaint further states that the FTX debtors’ shares would be worth at least $550 million, which is about 90% higher than their current value, if Grayscale reduced its fees and allowed redemptions. Speaking about the new development, acting CEO and Chief Restructuring Officer at FTX, John J. Ray IIIwas quoted as follows:
We will continue to use every tool possible to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently suppressed by Grayscale’s self-dealing and improper redemption ban.
“FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust investors who are harmed by Grayscale’s actions,” he added.
The complaint went on to allege that Grayscale hid for years behind a variety of fabricated statements to prevent shareholder buybacks.
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