In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n
Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
However, concerns regarding S&C's impartiality persist. Calls for an independent examination of the bankruptcy case underscore the need for transparency and accountability in navigating complex legal disputes within the cryptocurrency sector.<\/p>\n","post_title":"FTX's Creditors File Lawsuit Against Sullivan & Cromwell Amid Bankruptcy Proceedings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-creditors-file-lawsuit-against-sullivan-cromwell-amid-bankruptcy-proceedings","to_ping":"","pinged":"","post_modified":"2024-02-19 02:07:59","post_modified_gmt":"2024-02-18 15:07:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15496","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15098,"post_author":"21","post_date":"2024-01-26 20:30:08","post_date_gmt":"2024-01-26 09:30:08","post_content":"\n Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
S&C has denied any wrongdoing, emphasizing its limited engagement with FTX's entities before the bankruptcy proceedings. The firm contends that it never served as primary outside counsel to FTX, seeking to dispel allegations of impropriety.<\/p>\n\n\n\n However, concerns regarding S&C's impartiality persist. Calls for an independent examination of the bankruptcy case underscore the need for transparency and accountability in navigating complex legal disputes within the cryptocurrency sector.<\/p>\n","post_title":"FTX's Creditors File Lawsuit Against Sullivan & Cromwell Amid Bankruptcy Proceedings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-creditors-file-lawsuit-against-sullivan-cromwell-amid-bankruptcy-proceedings","to_ping":"","pinged":"","post_modified":"2024-02-19 02:07:59","post_modified_gmt":"2024-02-18 15:07:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15496","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15098,"post_author":"21","post_date":"2024-01-26 20:30:08","post_date_gmt":"2024-01-26 09:30:08","post_content":"\n Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
FTX's former CEO Sam Bankman-Fried's close ties with S&C blur the boundaries between legal representation and corporate affiliations. Reports suggest Bankman-Fried frequented S&C's New York offices, raising questions about the relationship between FTX and its legal advisors.<\/p>\n\n\n\n S&C has denied any wrongdoing, emphasizing its limited engagement with FTX's entities before the bankruptcy proceedings. The firm contends that it never served as primary outside counsel to FTX, seeking to dispel allegations of impropriety.<\/p>\n\n\n\n However, concerns regarding S&C's impartiality persist. Calls for an independent examination of the bankruptcy case underscore the need for transparency and accountability in navigating complex legal disputes within the cryptocurrency sector.<\/p>\n","post_title":"FTX's Creditors File Lawsuit Against Sullivan & Cromwell Amid Bankruptcy Proceedings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-creditors-file-lawsuit-against-sullivan-cromwell-amid-bankruptcy-proceedings","to_ping":"","pinged":"","post_modified":"2024-02-19 02:07:59","post_modified_gmt":"2024-02-18 15:07:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15496","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15098,"post_author":"21","post_date":"2024-01-26 20:30:08","post_date_gmt":"2024-01-26 09:30:08","post_content":"\n Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
FTX's former CEO Sam Bankman-Fried's close ties with S&C blur the boundaries between legal representation and corporate affiliations. Reports suggest Bankman-Fried frequented S&C's New York offices, raising questions about the relationship between FTX and its legal advisors.<\/p>\n\n\n\n S&C has denied any wrongdoing, emphasizing its limited engagement with FTX's entities before the bankruptcy proceedings. The firm contends that it never served as primary outside counsel to FTX, seeking to dispel allegations of impropriety.<\/p>\n\n\n\n However, concerns regarding S&C's impartiality persist. Calls for an independent examination of the bankruptcy case underscore the need for transparency and accountability in navigating complex legal disputes within the cryptocurrency sector.<\/p>\n","post_title":"FTX's Creditors File Lawsuit Against Sullivan & Cromwell Amid Bankruptcy Proceedings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-creditors-file-lawsuit-against-sullivan-cromwell-amid-bankruptcy-proceedings","to_ping":"","pinged":"","post_modified":"2024-02-19 02:07:59","post_modified_gmt":"2024-02-18 15:07:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15496","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15098,"post_author":"21","post_date":"2024-01-26 20:30:08","post_date_gmt":"2024-01-26 09:30:08","post_content":"\n Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization(Opens in a new browser tab)<\/a><\/p>\n\n\n\n FTX's former CEO Sam Bankman-Fried's close ties with S&C blur the boundaries between legal representation and corporate affiliations. Reports suggest Bankman-Fried frequented S&C's New York offices, raising questions about the relationship between FTX and its legal advisors.<\/p>\n\n\n\n S&C has denied any wrongdoing, emphasizing its limited engagement with FTX's entities before the bankruptcy proceedings. The firm contends that it never served as primary outside counsel to FTX, seeking to dispel allegations of impropriety.<\/p>\n\n\n\n However, concerns regarding S&C's impartiality persist. Calls for an independent examination of the bankruptcy case underscore the need for transparency and accountability in navigating complex legal disputes within the cryptocurrency sector.<\/p>\n","post_title":"FTX's Creditors File Lawsuit Against Sullivan & Cromwell Amid Bankruptcy Proceedings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-creditors-file-lawsuit-against-sullivan-cromwell-amid-bankruptcy-proceedings","to_ping":"","pinged":"","post_modified":"2024-02-19 02:07:59","post_modified_gmt":"2024-02-18 15:07:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15496","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15098,"post_author":"21","post_date":"2024-01-26 20:30:08","post_date_gmt":"2024-01-26 09:30:08","post_content":"\n Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Ryne Miller, a former partner at S&C who later transitioned to FTX Group as general counsel, is at the center of this controversy. Miller's alleged funneling of cases from FTX to S&C amplifies concerns regarding potential conflicts of interest and ethical breaches within the legal space.<\/p>\n\n\n\n See Related:<\/em><\/strong> BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization(Opens in a new browser tab)<\/a><\/p>\n\n\n\n FTX's former CEO Sam Bankman-Fried's close ties with S&C blur the boundaries between legal representation and corporate affiliations. Reports suggest Bankman-Fried frequented S&C's New York offices, raising questions about the relationship between FTX and its legal advisors.<\/p>\n\n\n\n S&C has denied any wrongdoing, emphasizing its limited engagement with FTX's entities before the bankruptcy proceedings. The firm contends that it never served as primary outside counsel to FTX, seeking to dispel allegations of impropriety.<\/p>\n\n\n\n However, concerns regarding S&C's impartiality persist. Calls for an independent examination of the bankruptcy case underscore the need for transparency and accountability in navigating complex legal disputes within the cryptocurrency sector.<\/p>\n","post_title":"FTX's Creditors File Lawsuit Against Sullivan & Cromwell Amid Bankruptcy Proceedings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-creditors-file-lawsuit-against-sullivan-cromwell-amid-bankruptcy-proceedings","to_ping":"","pinged":"","post_modified":"2024-02-19 02:07:59","post_modified_gmt":"2024-02-18 15:07:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15496","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15098,"post_author":"21","post_date":"2024-01-26 20:30:08","post_date_gmt":"2024-01-26 09:30:08","post_content":"\n Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The class-action lawsuit by FTX creditors seeks reparation for various counts, including civil conspiracy and aiding and abetting fraud and fiduciary breaches.<\/p>\n\n\n\n Ryne Miller, a former partner at S&C who later transitioned to FTX Group as general counsel, is at the center of this controversy. Miller's alleged funneling of cases from FTX to S&C amplifies concerns regarding potential conflicts of interest and ethical breaches within the legal space.<\/p>\n\n\n\n See Related:<\/em><\/strong> BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization(Opens in a new browser tab)<\/a><\/p>\n\n\n\n FTX's former CEO Sam Bankman-Fried's close ties with S&C blur the boundaries between legal representation and corporate affiliations. Reports suggest Bankman-Fried frequented S&C's New York offices, raising questions about the relationship between FTX and its legal advisors.<\/p>\n\n\n\n S&C has denied any wrongdoing, emphasizing its limited engagement with FTX's entities before the bankruptcy proceedings. The firm contends that it never served as primary outside counsel to FTX, seeking to dispel allegations of impropriety.<\/p>\n\n\n\n However, concerns regarding S&C's impartiality persist. Calls for an independent examination of the bankruptcy case underscore the need for transparency and accountability in navigating complex legal disputes within the cryptocurrency sector.<\/p>\n","post_title":"FTX's Creditors File Lawsuit Against Sullivan & Cromwell Amid Bankruptcy Proceedings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-creditors-file-lawsuit-against-sullivan-cromwell-amid-bankruptcy-proceedings","to_ping":"","pinged":"","post_modified":"2024-02-19 02:07:59","post_modified_gmt":"2024-02-18 15:07:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15496","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15098,"post_author":"21","post_date":"2024-01-26 20:30:08","post_date_gmt":"2024-01-26 09:30:08","post_content":"\n Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
According to court documents<\/a> filed on February 16, S&C is accused of being complicit in FTX's deceptive practices and financial mismanagement, purportedly benefiting from the exchange's illicit activities.<\/p>\n\n\n\n The class-action lawsuit by FTX creditors seeks reparation for various counts, including civil conspiracy and aiding and abetting fraud and fiduciary breaches.<\/p>\n\n\n\n Ryne Miller, a former partner at S&C who later transitioned to FTX Group as general counsel, is at the center of this controversy. Miller's alleged funneling of cases from FTX to S&C amplifies concerns regarding potential conflicts of interest and ethical breaches within the legal space.<\/p>\n\n\n\n See Related:<\/em><\/strong> BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization(Opens in a new browser tab)<\/a><\/p>\n\n\n\n FTX's former CEO Sam Bankman-Fried's close ties with S&C blur the boundaries between legal representation and corporate affiliations. Reports suggest Bankman-Fried frequented S&C's New York offices, raising questions about the relationship between FTX and its legal advisors.<\/p>\n\n\n\n S&C has denied any wrongdoing, emphasizing its limited engagement with FTX's entities before the bankruptcy proceedings. The firm contends that it never served as primary outside counsel to FTX, seeking to dispel allegations of impropriety.<\/p>\n\n\n\n However, concerns regarding S&C's impartiality persist. Calls for an independent examination of the bankruptcy case underscore the need for transparency and accountability in navigating complex legal disputes within the cryptocurrency sector.<\/p>\n","post_title":"FTX's Creditors File Lawsuit Against Sullivan & Cromwell Amid Bankruptcy Proceedings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-creditors-file-lawsuit-against-sullivan-cromwell-amid-bankruptcy-proceedings","to_ping":"","pinged":"","post_modified":"2024-02-19 02:07:59","post_modified_gmt":"2024-02-18 15:07:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15496","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15098,"post_author":"21","post_date":"2024-01-26 20:30:08","post_date_gmt":"2024-01-26 09:30:08","post_content":"\n Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The embattled cryptocurrency exchange FTX has launched a legal action against law firm Sullivan & Cromwell (S&C) over allegations of fraud involvement. The creditors are accusing S&C of playing a role in FTX's alleged multibillion-dollar fraud scheme.<\/p>\n\n\n\n According to court documents<\/a> filed on February 16, S&C is accused of being complicit in FTX's deceptive practices and financial mismanagement, purportedly benefiting from the exchange's illicit activities.<\/p>\n\n\n\n The class-action lawsuit by FTX creditors seeks reparation for various counts, including civil conspiracy and aiding and abetting fraud and fiduciary breaches.<\/p>\n\n\n\n Ryne Miller, a former partner at S&C who later transitioned to FTX Group as general counsel, is at the center of this controversy. Miller's alleged funneling of cases from FTX to S&C amplifies concerns regarding potential conflicts of interest and ethical breaches within the legal space.<\/p>\n\n\n\n See Related:<\/em><\/strong> BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization(Opens in a new browser tab)<\/a><\/p>\n\n\n\n FTX's former CEO Sam Bankman-Fried's close ties with S&C blur the boundaries between legal representation and corporate affiliations. Reports suggest Bankman-Fried frequented S&C's New York offices, raising questions about the relationship between FTX and its legal advisors.<\/p>\n\n\n\n S&C has denied any wrongdoing, emphasizing its limited engagement with FTX's entities before the bankruptcy proceedings. The firm contends that it never served as primary outside counsel to FTX, seeking to dispel allegations of impropriety.<\/p>\n\n\n\n However, concerns regarding S&C's impartiality persist. Calls for an independent examination of the bankruptcy case underscore the need for transparency and accountability in navigating complex legal disputes within the cryptocurrency sector.<\/p>\n","post_title":"FTX's Creditors File Lawsuit Against Sullivan & Cromwell Amid Bankruptcy Proceedings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-creditors-file-lawsuit-against-sullivan-cromwell-amid-bankruptcy-proceedings","to_ping":"","pinged":"","post_modified":"2024-02-19 02:07:59","post_modified_gmt":"2024-02-18 15:07:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15496","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15098,"post_author":"21","post_date":"2024-01-26 20:30:08","post_date_gmt":"2024-01-26 09:30:08","post_content":"\n Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The embattled cryptocurrency exchange FTX has launched a legal action against law firm Sullivan & Cromwell (S&C) over allegations of fraud involvement. The creditors are accusing S&C of playing a role in FTX's alleged multibillion-dollar fraud scheme.<\/p>\n\n\n\n According to court documents<\/a> filed on February 16, S&C is accused of being complicit in FTX's deceptive practices and financial mismanagement, purportedly benefiting from the exchange's illicit activities.<\/p>\n\n\n\n The class-action lawsuit by FTX creditors seeks reparation for various counts, including civil conspiracy and aiding and abetting fraud and fiduciary breaches.<\/p>\n\n\n\n Ryne Miller, a former partner at S&C who later transitioned to FTX Group as general counsel, is at the center of this controversy. Miller's alleged funneling of cases from FTX to S&C amplifies concerns regarding potential conflicts of interest and ethical breaches within the legal space.<\/p>\n\n\n\n See Related:<\/em><\/strong> BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization(Opens in a new browser tab)<\/a><\/p>\n\n\n\n FTX's former CEO Sam Bankman-Fried's close ties with S&C blur the boundaries between legal representation and corporate affiliations. Reports suggest Bankman-Fried frequented S&C's New York offices, raising questions about the relationship between FTX and its legal advisors.<\/p>\n\n\n\n S&C has denied any wrongdoing, emphasizing its limited engagement with FTX's entities before the bankruptcy proceedings. The firm contends that it never served as primary outside counsel to FTX, seeking to dispel allegations of impropriety.<\/p>\n\n\n\n However, concerns regarding S&C's impartiality persist. Calls for an independent examination of the bankruptcy case underscore the need for transparency and accountability in navigating complex legal disputes within the cryptocurrency sector.<\/p>\n","post_title":"FTX's Creditors File Lawsuit Against Sullivan & Cromwell Amid Bankruptcy Proceedings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-creditors-file-lawsuit-against-sullivan-cromwell-amid-bankruptcy-proceedings","to_ping":"","pinged":"","post_modified":"2024-02-19 02:07:59","post_modified_gmt":"2024-02-18 15:07:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15496","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15098,"post_author":"21","post_date":"2024-01-26 20:30:08","post_date_gmt":"2024-01-26 09:30:08","post_content":"\n Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The embattled cryptocurrency exchange FTX has launched a legal action against law firm Sullivan & Cromwell (S&C) over allegations of fraud involvement. The creditors are accusing S&C of playing a role in FTX's alleged multibillion-dollar fraud scheme.<\/p>\n\n\n\n According to court documents<\/a> filed on February 16, S&C is accused of being complicit in FTX's deceptive practices and financial mismanagement, purportedly benefiting from the exchange's illicit activities.<\/p>\n\n\n\n The class-action lawsuit by FTX creditors seeks reparation for various counts, including civil conspiracy and aiding and abetting fraud and fiduciary breaches.<\/p>\n\n\n\n Ryne Miller, a former partner at S&C who later transitioned to FTX Group as general counsel, is at the center of this controversy. Miller's alleged funneling of cases from FTX to S&C amplifies concerns regarding potential conflicts of interest and ethical breaches within the legal space.<\/p>\n\n\n\n See Related:<\/em><\/strong> BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization(Opens in a new browser tab)<\/a><\/p>\n\n\n\n FTX's former CEO Sam Bankman-Fried's close ties with S&C blur the boundaries between legal representation and corporate affiliations. Reports suggest Bankman-Fried frequented S&C's New York offices, raising questions about the relationship between FTX and its legal advisors.<\/p>\n\n\n\n S&C has denied any wrongdoing, emphasizing its limited engagement with FTX's entities before the bankruptcy proceedings. The firm contends that it never served as primary outside counsel to FTX, seeking to dispel allegations of impropriety.<\/p>\n\n\n\n However, concerns regarding S&C's impartiality persist. Calls for an independent examination of the bankruptcy case underscore the need for transparency and accountability in navigating complex legal disputes within the cryptocurrency sector.<\/p>\n","post_title":"FTX's Creditors File Lawsuit Against Sullivan & Cromwell Amid Bankruptcy Proceedings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-creditors-file-lawsuit-against-sullivan-cromwell-amid-bankruptcy-proceedings","to_ping":"","pinged":"","post_modified":"2024-02-19 02:07:59","post_modified_gmt":"2024-02-18 15:07:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15496","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15098,"post_author":"21","post_date":"2024-01-26 20:30:08","post_date_gmt":"2024-01-26 09:30:08","post_content":"\n Embattled crypto<\/a> exchange FTX sold all its 22 million shares in Grayscale Bitcoin Trust since it became an exchange-traded fund (ETF). The selling totaled about $1 billion, nearly half the total of more than $2 billion outflows from the ETF.\u00a0 <\/p>\n\n\n\n FTX had shares in Grayscale bitcoin and many other trusts, with their value peaking at around $900 million when Grayscale's ETF started trading on January 11. The news of the share sale comes when Bitcoin has been under pressure since the approval of the spot ETF, defying expectations that it will gain in value.<\/p>\n\n\n\n See Related: <\/em><\/strong>GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale<\/a><\/p>\n\n\n\n Meanwhile, FTX-linked firm Alameda Research has dropped its case<\/a> against Grayscale Investments. The lawsuit, filed in March, accused Grayscale of excessively high fees and $9 billion allegedly trapped in GBTC after the collapse of FTX. <\/p>\n\n\n\n In the Monday filing, Alameda did not disclose the reason for dropping the case, although Grayscale had refuted the accusations. Grayscale CEO Michael Sonnenshein and parent company chief Barry Silvert were also dropped from the suit.<\/p>\n\n\n\n Investors might now be reading from the two scripts as GBTC holders could not sell their positions easily before the fund converted to an ETF. The conversion to an ETF saw around $2.8 billion<\/a> in outflows from GBTC.<\/p>\n\n\n\n The market news of FTX selling GBTC shares pushed the price of Bitcoin below $40,000. However, the selling pressure, which started after the ETF approval, is expected to ease since FTX is now done selling its significant holding in GBTC.<\/p>\n","post_title":"FTX Dumped $1B Holding In Grayscale, Nearly Half Of Outflows After Fund Conversion","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftx-dumped-1b-holding-in-grayscale-nearly-half-of-outflows-after-fund-conversion","to_ping":"","pinged":"","post_modified":"2024-01-26 20:30:14","post_modified_gmt":"2024-01-26 09:30:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15098","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The embattled cryptocurrency exchange FTX has launched a legal action against law firm Sullivan & Cromwell (S&C) over allegations of fraud involvement. The creditors are accusing S&C of playing a role in FTX's alleged multibillion-dollar fraud scheme.<\/p>\n\n\n\n According to court documents<\/a> filed on February 16, S&C is accused of being complicit in FTX's deceptive practices and financial mismanagement, purportedly benefiting from the exchange's illicit activities.<\/p>\n\n\n\n The class-action lawsuit by FTX creditors seeks reparation for various counts, including civil conspiracy and aiding and abetting fraud and fiduciary breaches.<\/p>\n\n\n\n Ryne Miller, a former partner at S&C who later transitioned to FTX Group as general counsel, is at the center of this controversy. Miller's alleged funneling of cases from FTX to S&C amplifies concerns regarding potential conflicts of interest and ethical breaches within the legal space.<\/p>\n\n\n\nFTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
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FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
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FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
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FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
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FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX's Former CEO Close Ties With Sullivan & Cromwell\u00a0\u00a0<\/h2>\n\n\n\n
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FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX's Former CEO Close Ties With Sullivan & Cromwell\u00a0\u00a0<\/h2>\n\n\n\n
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FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX's Former CEO Close Ties With Sullivan & Cromwell\u00a0\u00a0<\/h2>\n\n\n\n
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FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX's Former CEO Close Ties With Sullivan & Cromwell\u00a0\u00a0<\/h2>\n\n\n\n
\n
FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX's Former CEO Close Ties With Sullivan & Cromwell\u00a0\u00a0<\/h2>\n\n\n\n
\n
FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX's Former CEO Close Ties With Sullivan & Cromwell\u00a0\u00a0<\/h2>\n\n\n\n
\n
FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX's Former CEO Close Ties With Sullivan & Cromwell\u00a0\u00a0<\/h2>\n\n\n\n
\n
FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
FTX's Former CEO Close Ties With Sullivan & Cromwell\u00a0\u00a0<\/h2>\n\n\n\n
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FTX-Linked Alameda Drops Case Against Grayscale<\/h2>\n\n\n\n
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