The investment arm of the bankrupt cryptocurrency exchange FTX Alameda Researchdigital asset ETF issuer grayscale and sued parent company DCG. Allegedly, Grayscale breached the agreement by charging exorbitant management fees on trust products.
According to the petition filed by Alameda, Grayscale deliberately allows ETF products to be traded well below net worth.
The sunken crypto investment startup predicted that $250 million worth of shares in FTX debtors’ assets would reach 550 million if fees were cut.
John J. Ray III, who manages FTX on behalf of the borrowers, said in his statement:
“We use whatever means we can to recover losses from FTX customers and creditors. Grayscale is getting ahead of us by allowing its own ETFs to be traded much cheaper than the market.”
Speaking to the crypto press, the Grayscale spokesperson said that Alameda’s legal initiative “misdirection” interpreted as. The spokesperson stated that it is unreasonable to carry such an intention while the company is doing their best to convert GBTC into a spot fund.
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