Consumer Law

FTX’s Trading Firm Sues Grayscale in Attempt to Gain Back $250 Million to Repay Customers

FTX’s trading arm is suing crypto investment giant Grayscale in a bid to claw back at least $250 million to repay customers who lost money when the crypto exchange collapsed late last year.

The now-bankrupt FTX’s new bosses said they’re trying to unlock $9 billion for shareholders of Grayscale’s Bitcoin Trust and Ethereum Trust products, as well as “over a quarter billion dollars in asset value for the FTX debtors’ customers and creditors”.

“Our goal is to unlock value that we believe is currently being suppressed by Grayscale’s self-dealing and improper redemption ban,” FTX CEO John Ray III said in a press release Monday.

Read the source article at markets.businessinsider.com

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