Grayscale’s CEO as well as owners Digital Currency Group and Barry Silbert allegedly violated trust agreements, according to the lawsuit.
Alameda Research Ltd., the hedge fund belonging to disgraced ex-billionaire Sam Bankman-Fried, is suing Grayscale Investments, LLC, its CEO, Michael Sonnenshein, and its owners, Digital Currency Group and Barry Silbert as a debtor affiliate of FTX.
According to a press release announcing the lawsuit, “FTX Debtors are seeking injunctive relief to unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts (the “Trusts”) and realize over a quarter billion dollars in asset value for the FTX Debtors’ customers and creditors.”
The release describes how Grayscale has “extracted” more than $1.3 billion in management fees while violating trust agreements. In addition, the complaint alleges that “Grayscale has for years hidden behind contrived excuses to prevent shareholders from redeeming their shares,” wi
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