Alameda Research sued Grayscale for a value close to $250 million.
Alameda research was among the companies that went bankrupt with FTX last year. After the bankruptcy, the Alameda Research front made a new move.
Alameda Research Uploads to Grayscale Over Transaction Fees
Bankrupt Alameda Research is seeking injunctive relief to allow FTX borrowers to realize what it claims is worth more than $250 million in assets.
FTX sister company Alameda Research has filed a lawsuit against crypto asset manager Grayscale Investments, alleging over $250 million in asset value for FTX clients and creditors, according to a statement.
The lawsuit was filed in Chancery Court in Delaware County, and also filed claims against Grayscale CEO Michael Sonnenshein and Grayscale’s owners Digital Currency Group (DCG) and CEO Barry Silbert.
According to Alameda’s complaint, Grayscale charged exorbitant management fees for the management of the Bitcoin and Ethereum Trusts, allowing the shares of these Trusts to trade approximately 50 percent less than their net asset value.
The complaint alleges that FTX Debtors shares would be worth at least $550 million, or roughly 90 percent more than its current value, if Grayscale cuts its fees and allows redemptions.
John J. Ray III, FTX CEO and President of Restructuring, said in a statement:
“We will continue to use every tool we can to maximize refunds for FTX customers and creditors.”
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