FTX and its affiliated debtors (collectively, “FTX Borrowers”) announced today that debtor subsidiary Alameda is filing a lawsuit against Grayscale in Chancery Court in the State of Delaware.
FTX Borrowers also bitcoin The company also filed claims against Michael Sonnenshein, CEO of Grayscale, and its owners, Digital Currency Group and Barry Silbert.
FTX Borrowers seek injunctive relief to unlock $9 billion or more in assets for shareholders of the Grayscale Bitcoin and Ethereum Trusts (“Trusts”), and over a quarter billion dollars in asset value for customers and creditors of FTX Borrowers.
The complaints of the creditors were listed as follows:
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In the last two years alone, Grayscale has received over $1.3 billion in exorbitant management fees in violation of Trust agreements.
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For years, Grayscale hid behind false pretenses to prevent shareholders from buying back their shares.
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Grayscale’s actions resulted in the Trusts’ shares being traded at a discount of approximately 50% to Net Asset Value.
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If Grayscale had lowered its fees and stopped improperly blocking refunds, the shares of FTX Borrowers would have been worth at least $550 million, which would mean the shares of FTX Borrowers were worth about 90% more than they are today.
John J. Ray III, CEO and Chief Restructuring of FTX Borrowers, said in a statement:
“We will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to uncover value that we believe is currently suppressed due to Grayscale’s self-management and improper refund prohibition. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust investors who have been harmed by Grayscale’s actions.”
*Not investment advice.
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