Bankrupt cryptocurrency exchange FTX has filed with the Delaware Bankruptcy Court to sell certain trust assets owned by Grayscale and Bitwise worth approximately $744 million.
According to the United statement From the perspective of FTX and its debtors, this move will help prepare payments to creditors in U.S. dollars and allow debtors to quickly sell trust assets at a lower price.
The document also states that the sale of trust assets to one or more buyers in one or more sales will reduce the costs and delays of submitting separate bids for each proposed sale under the sales procedures.
“Furthermore, because the Debtors may sell trust assets to one or more buyers in one or more sales, sales conducted under the sales process will reduce the cost and delay of filing separate motions for each proposed sale.”
In March this year, related debtors FTX and Alameda Research filed a lawsuit against Grayscale Investments. As a result, the plaintiffs are asking shareholders of the Grayscale Bitcoin and Ethereum Trust to release their funds.
The lawsuit alleges that Grayscale earned more than $1.3 billion in stock management fees over the past two years. Currently, these securities trade at a deep discount to NAV (net asset value). As a result, GBTC was trading at a 45% discount last week.
On November 2, a jury found FTX founder Sam Bankman-Fried (SBF) guilty of all seven criminal charges. Judge Lewis Kaplan of the Southern District of New York will make the final judgment on March 28, 2024. Each count carries a maximum penalty of 5 to 20 years in prison. Bankman-Fried faces a total of up to 115 years in prison. Sentencing is scheduled for March 28, 2024.