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Home»ADOPTION NEWS»The bankruptcy court said the FTX debtor could begin selling assets, including its Grayscale units.
ADOPTION NEWS

The bankruptcy court said the FTX debtor could begin selling assets, including its Grayscale units.

By Crypto FlexsNovember 30, 20232 Mins Read
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The bankruptcy court said the FTX debtor could begin selling assets, including its Grayscale units.
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Posted 1 minute ago In ~

A Delaware Bankruptcy Court said Wednesday that FTX Trading and its affiliated debtors can begin selling trust assets, including $744 million worth of shares in Grayscale and Bitwise funds.

Judge John Dorsey in early November approved applications from six cryptocurrency funds, including Grayscale, seeking permission to begin selling units. bitcoin BTC

+
Trust, Grayscale Ethereum Trust, Bitwise 10 Crypto Index Fund, Grayscale Ethereum Classic Trust, Grayscale Litecoin Trust and Grayscale Digital Large Cap Trust.

Grayscale’s flagship Bitcoin fund, GBTC, accounts for the largest portion of assets, holding approximately 22.3 million units worth $597 million. Grayscale’s Ethereum Trust came in second place with 6.3 million units and a value of $87 million.

bankruptcy claim

FTX filed for bankruptcy in November last year. Court-appointed CEO John Ray III said there was a “complete failure of corporate control at all levels of the organization,” poor documentation of the company’s financial transactions, and the large-scale transfer of FTX user funds to affiliated trading firm Alameda Research. Found a misuse. He testified before Congress last December.

The exchange’s former CEO, Sam Bankman-Fried, was found guilty of fraud on November 2.

Bankruptcy filings have recently been trading for 60 to 65 cents on the dollar, and prices are rising as assets get closer to recovery, The Block reported earlier this month.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Anna is a senior policy reporter and assistant editor at The Block. She has a background in political journalism and has covered Russian civil society for various media outlets in Moscow, including her award-winning newspaper, Novaya Gazeta. Before joining The Block, Anna spent the last five years at CoinDesk, researching global cryptocurrency policy and adoption. Anna says she owns Bitcoin and gift NFTs that have sentimental value.

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