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 (DCG), 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.”
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 the recent fall in the Net Asset Value of Grayscale Bitcoin Trust (GBTC). GBTC started trading at a discount after reports of DCG’s sister company – Genesis Trading – стопирани повлекувања, post-FTX collapse. The complaint further stated,
“If Grayscale reduced its fees and stopped improperly preventing redemptions, the FTX Debtors’ shares would be worth at least $ 550 милиони, approximately 90% more than the current value of the FTX Debtors’ shares today.”
In the press release, the current CEO and Chief Restructuring Officer – John J. Ray III – said,
„Нашата цел е да ја отклучиме вредноста за која веруваме дека моментално е потисната од само-постапувањето и несоодветната забрана за откуп на Grayscale. Клиентите и доверителите на FTX ќе имаат корист од дополнителните обновувања, заедно со другите инвеститори на Grayscale Trust кои се оштетени од активностите на Grayscale“.
Приказната сè уште се развива.
Source: https://ambcrypto.com/ftx-debtors-file-lawsuit-against-grayscale-and-digital-currency-group/