FTX Debtors Launch Lawsuit Against Grayscale, Says Crypto Titan Charged $1,300,000,000 in Exorbitant FeesMarch 09, 2023 9857 by admin
The debtor of the failed digital asset trading center FTX filed a lawsuit against login password boss GrayScale in Delaware.
According to a new press release, a "debtor subsidiary" called Alameda Research and a notorious sister company of FTX sued GrayScale in Delaware Chancery Court, claiming that the data encryption asset operator "violated the trust agreement and withdrew excessive management fees of more than $1.3 billion".->
Alameda also claimed that GrayScale had acted to reduce the value of individual shares in its BTC (BTC) and ETH trusts to 50 per cent of the asset value, and claimed that the company was "hiding behind artificial excuses" to prevent shareholders from redeeming individual shares.
FTX Debtors is seeking injunction aid to open9 billion dollarsGenerate more than $2.5 billion in value for dark gray Bitcoin and Ethernet Fong Trust ('Trust') shareholders and complete more than $2.5 billion in asset value for users and debtors of FTX debtors. "
Robert J. Ray III, the top FTX executive who succeeds disgraced founder Rob Bankman-Fried, says the company plans to use every possible means to maximize asset recovery for trading center users and debtors.
We hope to release the value that we are currently being unreasonably redeemed by GrayScale's internal trading restrictions. FTX users and debtors will benefit from the additional fixes, while other GrayScale Trust investors who have been harmed by GrayScale actions will benefit. "