Alameda Research claims that Grayscale charged over $1.3 billion in management fees in violation of trust agreements and prevented shareholders from redeeming their shares in a 'self-imposed redemption ban.'
March 6. It also made claims against Grayscale CEO Michael Sonnenshein, Grayscale owner Digital Currency Group and the group’s CEO Barry Silbert.
Alameda Research is an affiliate debtor of FTX, which filed for bankruptcy in November. The suit seeks to “unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts […] and realize over a quarter billion dollars in asset value for the FTX Debtors' customers and creditors,” according to a statement.The plaintiff claimed Grayscale charged over $1.3 billion in management fees in violation of trust agreements.
“If Grayscale reduced its fees and stopped improperly preventing redemptions, the FTX Debtors' shares would be worth at least $550 million, approximately 90% more than the current value of the FTX Debtors' shares today.”
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