FTX looks to sell $744 million worth of Grayscale and Bitwise assets

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FTX looks to sell $744 million worth of Grayscale and Bitwise assets
FTX looks to sell $744 million worth of Grayscale and Bitwise assets

Bankrupt cryptocurrency exchange FTX and its creditors have asked the U.S. Bankruptcy Court for the District of Delaware to approve the sale of certain trust assets, Grayscale and Bitwise funds, worth approximately $744 million through an investment adviser, according to court documents filed on Friday.

“The proposed sale or transfer of the Debtor’s trust assets will allow the estate to prepare for upcoming creditor dollarization distributions and enable the Debtor to move quickly to sell the trust assets at the appropriate time.

In addition, because the Debtors may sell the trust assets to one or more purchasers in one or more sales transactions, sales under the sales process will reduce costs and delay the filing of separate motions for each proposed sale. “

FTX, one of the world’s largest cryptocurrency exchanges, went bankrupt in November last year after a report revealed that the company had misappropriated customer funds.

Last week, FTX founder Sam Bankman-Fried was found guilty by a jury of defrauding customers and lenders. ‘=According to expert predictions, the expected sentencing date is March 28, 2024.

In theory, he could face up to 115 years in prison, but in practice, that number could be between 15 and 20 years.

“Trust assets” are held by 5 trusts Grayscalewith an estimated total value of US$691 million, the trust fund consists of bitwise The management fee could be up to $53 million based on market value as of October 25, 2023.

These trusts allow investors to obtain investments in digital assets without owning them.

“The Debtors have determined that proactively mitigating the risk of price fluctuations will best protect the value of the trust assets, thereby maximizing profits for creditors and promoting the equitable distribution of capital in the plan.” The Debtors’ reorganization plan.

In addition to using an investment adviser, the debtors proposed establishing a valuation committee composed of representatives of all interested parties.

The investment adviser must also obtain at least two bids from different counterparties before selling the asset.

General Bitcoin News.



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