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FTX seeks $9 billion from Grayscale

Creditors of the collapsed crypto exchange FTX are seeking nine billion dollars from Grayscale.

By Mike Hesp
• 1 min read
FTX seeks $9 billion from Grayscale

Debtors of the collapsed crypto exchange FTX are demanding nine billion dollars from Grayscale. The asset manager allegedly breached fiduciary duties.

Creditors of the bankrupt crypto exchange FTX have filed a lawsuit in Delaware against Grayscale, the world's largest asset manager of digital assets. At issue are outstanding claims totaling nine billion dollars.

Grayscale allegedly continued to breach "fiduciary agreements and fiduciary duties," according to the press release from the debtors, including FTX Trading and Alameda Research. According to the release, FTX "is demanding that Grayscale permit repayments from its Bitcoin and Ethereum trust funds, which could free more than nine billion US dollars for the fund's shareholders."

Additionally, Grayscale is said to have collected "exorbitant management fees" over the past two years: 1.3 billion dollars.

The FTX debtors have also filed claims against Michael Sonnenshein, Grayscale's CEO, and owners Digital Currency Group and Barry Silbert.

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