Alameda Research Ltd., UTXO Management, and Balch and Bingham LLP today announced the launch of Grayscale Litigation, where shareholders of the Grayscale Bitcoin Trust and Grayscale Ethereum Trust (together, “the trusts”) can join as co-plaintiffs in the previously announced litigation against Grayscale Investments, LLC filed by Alameda, a debtor affiliate of FTX Trading Ltd. and its affiliated debtors (together, “the FTX debtors”)
Alameda Research Ltd., UTXO Management, and Balch and Bingham LLP today announced the launch of, where shareholders of the Grayscale Bitcoin Trust and Grayscale Ethereum Trust can join as co-plaintiffs in the previously announced litigation against Grayscale Investments, LLC filed by Alameda, a debtor affiliate of FTX Trading Ltd. and its affiliated debtors .
John Ray, CEO and chief restructuring officer of the FTX debtors, said, “For years, Grayscale has been depriving shareholders of billions of dollars in value through extracting exorbitant management fees in violation of the trust agreements and hiding behind contrived excuses to prevent shareholders from redeeming their shares.
“Grayscale has enriched itself at shareholders’ expense,” said David Bailey, general partner at UTXO Management. “We’re not standing for it any longer and neither should any other shareholder. We’ve joined this lawsuit to recover the value in our digital assets and we encourage other shareholders to sign on too. It’s time to band together so we can get back the money that belongs to Grayscale shareholders, not Grayscale’s principals.
In response, Grayscale has argued that the trusts’ governing documents require Alameda’s litigation to be brought collectively by shareholders currently owning a minimum of 10% of the shares of each trust. As a result, Alameda and other shareholders are seeking support from current shareholders in the trusts prepared to join the effort to ensure this litigation proceeds.
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