Bankrupt cryptocurrency exchange FTX announced Monday that its sister company Alameda Research has sued Grayscale Investments to obtain more funds for customers.
Fox Business senior correspond Charlie Gasparino discusses emerging information regarding former FTX CEO Sam Bankman-Fried on ‘Fox Business Tonight.’'s sister company, hedge fund Alameda Research, has sued asset manager Grayscale Investments as part of the debtors' efforts to recover funds from FTX customers and creditors.
The FTX debtors, led by CEO John Ray III, accuses Grayscale of prohibiting shareholders of Grayscale's Bitcoin and Ethereum Trusts from redeeming their shares and charging "exorbitant management fees," which they say is suppressing the value of the shares. John Ray, chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during a House Financial Services Committee hearing investigating the collapse of FTX in Washington, DC, US, on Tuesday, Dec. 13, 2022. Ray announced FTX sister firm
The plaintiff is seeking injunctive relief in a bid it says could "unlock $9 billion or more in value for shareholders" of the trusts, and "realize over a quarter billion dollars in asset value for the FTX debtors' customers and creditors." In addition to Grayscale, Alameda is suing Grayscale owners Digital Currency Group and Barry Silbert, along with CEO Michael Sonnenshein.
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