- FTX has filed a lawsuit against Grayscale Investments and hopes to recover $550 million
- The company and its debtors are stepping up legal action
- John Ray, the new boss of FTX, hopes to revive the company, and FTX.com
The fall of FTX continues to have a big impact on the cryptocurrency industry. We have just learned that the company has filed a complaint against the asset manager Grayscale Investments.
FTX and its debtors are asking the firm to release $9 billion of the financial products it created. However, investors who wish to recover their investments cannot do so. FTX claims a total of $250 million, but it could be more if Grayscale agrees to lower its fees and allow withdrawals. In all, the company therefore hopes to raise 550 million dollars.
FTX.com soon to be relaunched?
In a press release, FTX explains its initiative: “We will continue to use all the tools at our disposal to maximize recoveries from FTX’s customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale’s breach of trust and abusive redemption ban. »
Questioned, Grayscale replied to our colleagues from The Block through a spokesperson: “The lawsuit filed by Sam Bankman-Fried’s hedge fund, Alameda Research, is misguided. Grayscale has been transparent in its efforts to obtain regulatory approval to convert GBTC (Grayscale Bitcoin Trust) into ETFs (Exchange Traded Funds Editor’s note), a result that is arguably the best long-term product structure.
Anyway, we can see that FTX is increasing the legal actions to recover funds. As our colleagues from Cryptocastthe company claimed to have raised more than $5 billion in assets as of January 11.
She even threatened members of the United States Congress who had obtained generous lawsuit donations if they did not return those sums of money. More than 196 elected officials had benefited from this largesse.
Eventually, John Ray, who replaced Sam Bankman-Fried at the head of the firm, did not rule out that a revival of FTX.com is possible. He says he is studying all the options to revive it and that if possible, it will be done. The leader adds “that it will take into account that relaunching the platform can generate more value, in the interest of customers, than a simple liquidation or sale of FTX. »
Source: Presse-Citron
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