{"id":560273,"date":"2023-03-07T00:59:00","date_gmt":"2023-03-06T21:59:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/alameda-research-files-suit-against-grayscale-over-self-imposed-redemption-ban\/"},"modified":"2023-03-07T00:59:00","modified_gmt":"2023-03-06T21:59:00","slug":"alameda-research-files-suit-against-grayscale-over-self-imposed-redemption-ban","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/alameda-research-files-suit-against-grayscale-over-self-imposed-redemption-ban\/","title":{"rendered":"# Alameda Research files suit against Grayscale over \u2018self-imposed redemption ban\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c564f56ef6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c564f56ef6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/alameda-research-files-suit-against-grayscale-over-self-imposed-redemption-ban\/#%E2%80%9D_Alameda_Research_files_suit_against_Grayscale_over_%E2%80%98self-imposed_redemption_ban_%E2%80%9C\" >&#8221; Alameda Research files suit against Grayscale over \u2018self-imposed redemption ban\u2019 &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Alameda_Research_files_suit_against_Grayscale_over_%E2%80%98self-imposed_redemption_ban_%E2%80%9C\"><\/span>&#8221; Alameda Research files suit against Grayscale over \u2018self-imposed redemption ban\u2019 &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvMjI2YTEyMjQtNmYxNy00ZDFhLTg4NmMtMjNmM2RhM2U3MWMxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Alameda Research has filed suit against Grayscale Investments in the Court of Chancery in the State of Delaware, it <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/ftx-debtors-file-lawsuit-against-grayscale-investments-llc-and-its-ceo-and-owners-301763694.html?tc=eml_cleartime\">announced<\/a> March 6. It also made claims against Grayscale CEO Michael Sonnenshein, Grayscale owner Digital Currency Group (DCG) and the group\u2019s CEO Barry Silbert.\u00a0<\/p>\n<p>Alameda Research is an affiliate debtor of FTX, which filed for bankruptcy in November. The suit seeks to \u201cunlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum\u00a0Trusts [\u2026] and realize over a quarter billion dollars in asset value for the FTX Debtors&#8217; customers and creditors,\u201d according to a statement. <\/p>\n<p><strong><em>Related:\u00a0Digital Currency Group&#8217;s Genesis implosion: What comes next?<\/em><\/strong><\/p>\n<p>The plaintiff claimed Grayscale charged over $1.3 billion in management fees in violation of trust agreements. In addition, it \u201ccontrived excuses\u201d to prevent shareholders from redeeming their shares in what the statement described as a \u201cself-imposed redemption ban.\u201d As a result, the statement continued, the Trusts&#8217; shares trade \u201cat <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately a 50% discount to Net Asset Value.\u201d Therefore, the plaintiff claimed:<\/p>\n<blockquote><p>\u201cIf Grayscale reduced its fees and stopped improperly preventing redemptions, the FTX Debtors&#8217; shares would be worth at least $550 million, approximately 90% more than the current value of the FTX Debtors&#8217; shares today.\u201d<\/p><\/blockquote>\n<p>According to The Financial Times, Alameda <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/63f0aa40-b640-4f4b-94ad-d420c40bf9b2\">owns<\/a> 22 million shares in Grayscale\u2019s Bitcoin\u00a0(BTC)\u00a0Trust and 6 million shares in its Ethereum\u00a0(ETH) Trust.<\/p>\n<p>The Court of Chancery describes itself as \u201ca forum for the determination of disputes involving the internal affairs of [\u2026] Delaware corporations.\u201d Fir Tree Capital Management filed a suit in the same court seeking similar remedies in December.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ FTX CEO John Ray enters the ring. <\/p>\n<p>FTX filed a lawsuit against Grayscale and its parent company.<\/p>\n<p>This is a surprise.<\/p>\n<p>John Ray is turning over every rock &#8211; including legal challenges to Grayscale&#8217;s model &#8211; to maximize recoveries for FTX creditors.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/x1xl89B0cP\">https:\/\/t.co\/x1xl89B0cP<\/a><\/p>\n<p>\u2014 Ram Ahluwalia, crypto CFA (@ramahluwalia) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ramahluwalia\/status\/1632845915521204233?ref_src=twsrc%5Etfw\">March 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>DCG\u2019s lending branch, Genesis Global, filed for bankruptcy on Jan. 19. Grayscale has sued the United States Securities and Exchange Commission over the latter\u2019s decision to deny Grayscale\u2019s application to create a Bitcoin spot exchange. Oral arguments in that case will be heard March 7 in the District of Columbia Court of Appeals.<\/p>\n<p>DCG did not im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely respond to an enquiry from Cointelegraph.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/alameda-research-files-suit-against-grayscale-over-self-imposed-redemption-ban\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Alameda Research files suit against Grayscale over \u2018self-imposed redemption ban\u2019 &#8220; Alameda Research has filed suit against Grayscale Investments in the Court of Chancery in the State of Delaware, it announced March 6. It also made claims against Grayscale CEO Michael Sonnenshein, Grayscale owner Digital Currency Group (DCG) and the group\u2019s CEO Barry Silbert.\u00a0&#8230;<\/p>\n","protected":false},"author":1,"featured_media":560274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/226a1224-6f17-4d1a-886c-23f3da3e71c1.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[135234,76550,117],"class_list":["post-560273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-ftx","tag-grayscale","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/560273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=560273"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/560273\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/560274"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=560273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=560273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=560273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}