FTX Debtors and Alameda Research have filed a lawsuit against Grayscale Investments seeking injunctive relief to unlock $9 billion in value.
, the company’s now-defunct quantitative trading firm, announced that Alameda is suing digital currency fund manager Grayscale Investments. Alameda seeks injunctive relief to allow redemptions and reduce fees associated with the Grayscale Bitcoin and Ethereum Trusts. The debtors allege that Grayscale and its management team continue to “breach trust agreements and fiduciary duties.”
Alameda also argues that Grayscale’s self-imposed redemption ban prevents the “realization of approximately $9 billion of value.” The firm’s CEO and chief restructuring officer,, issued a statement regarding the lawsuit against Grayscale, stating: “We will continue to use every tool we can to maximize recoveries for FTX customers and creditors.” The FTX debtors restructuring officer added:
Our goal is to unlock value that we believe is currently being suppressed by Grayscale’s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust investors that are being harmed by Grayscale’s actions.against Voyager Digital at the end of January 2023. The complaint alleged that Voyager received preferential transfers of property from Alameda Research, and the firm sought to recover approximately $445.
The press release from FTX debtors alleges that for years, Grayscale has “hidden behind contrived excuses” to prevent shareholders from redeeming their shares. It also noted that the Bitcoin Trust has been trading 50% below net asset value .
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