The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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 development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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"};
\u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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"};
In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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 trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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 trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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 trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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 trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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"};
Despite this advance, investors should keep in mind that shares of Grayscale Bitcoin Trust are also in correlation with Bitcoin, and if the price of Bitcoin falls below $12,000, we could probably see shares of GBTC at a lower price level than the current price. The important support level stands at $11, and if the price breaks this level, we could see GBTC at $10 or even below.<\/p>\n","post_title":"GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"gbtc-price-prediction-after-judges-raised-hope-for-investors-in-favour-of-grayscale","to_ping":"","pinged":"","post_modified":"2023-04-10 17:23:37","post_modified_gmt":"2023-04-10 07:23:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10316","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10287,"post_author":"13","post_date":"2023-03-07 23:34:07","post_date_gmt":"2023-03-07 12:34:07","post_content":"\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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"};
Despite this advance, investors should keep in mind that shares of Grayscale Bitcoin Trust are also in correlation with Bitcoin, and if the price of Bitcoin falls below $12,000, we could probably see shares of GBTC at a lower price level than the current price. The important support level stands at $11, and if the price breaks this level, we could see GBTC at $10 or even below.<\/p>\n","post_title":"GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"gbtc-price-prediction-after-judges-raised-hope-for-investors-in-favour-of-grayscale","to_ping":"","pinged":"","post_modified":"2023-04-10 17:23:37","post_modified_gmt":"2023-04-10 07:23:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10316","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10287,"post_author":"13","post_date":"2023-03-07 23:34:07","post_date_gmt":"2023-03-07 12:34:07","post_content":"\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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"};
Shares of Grayscale Bitcoin Trust are showing bullish momentum this trading week, and if the price advances above $14, the next target could be resistance at $15. The price has also exceeded the 10-day moving average, indicating that shares of GBTC could advance even more.<\/p>\n\n\n\n Despite this advance, investors should keep in mind that shares of Grayscale Bitcoin Trust are also in correlation with Bitcoin, and if the price of Bitcoin falls below $12,000, we could probably see shares of GBTC at a lower price level than the current price. The important support level stands at $11, and if the price breaks this level, we could see GBTC at $10 or even below.<\/p>\n","post_title":"GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"gbtc-price-prediction-after-judges-raised-hope-for-investors-in-favour-of-grayscale","to_ping":"","pinged":"","post_modified":"2023-04-10 17:23:37","post_modified_gmt":"2023-04-10 07:23:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10316","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10287,"post_author":"13","post_date":"2023-03-07 23:34:07","post_date_gmt":"2023-03-07 12:34:07","post_content":"\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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"};
Shares of Grayscale Bitcoin Trust are showing bullish momentum this trading week, and if the price advances above $14, the next target could be resistance at $15. The price has also exceeded the 10-day moving average, indicating that shares of GBTC could advance even more.<\/p>\n\n\n\n Despite this advance, investors should keep in mind that shares of Grayscale Bitcoin Trust are also in correlation with Bitcoin, and if the price of Bitcoin falls below $12,000, we could probably see shares of GBTC at a lower price level than the current price. The important support level stands at $11, and if the price breaks this level, we could see GBTC at $10 or even below.<\/p>\n","post_title":"GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"gbtc-price-prediction-after-judges-raised-hope-for-investors-in-favour-of-grayscale","to_ping":"","pinged":"","post_modified":"2023-04-10 17:23:37","post_modified_gmt":"2023-04-10 07:23:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10316","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10287,"post_author":"13","post_date":"2023-03-07 23:34:07","post_date_gmt":"2023-03-07 12:34:07","post_content":"\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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"};
After Tuesday's oral arguments, the court could make its decision as soon as this summer, and Grayscale's chief executive officer, Michael Sonnenshein, said that he anticipates the court will rule in Grayscale's favor.<\/p>\n\n\n\n Shares of Grayscale Bitcoin Trust are showing bullish momentum this trading week, and if the price advances above $14, the next target could be resistance at $15. The price has also exceeded the 10-day moving average, indicating that shares of GBTC could advance even more.<\/p>\n\n\n\n Despite this advance, investors should keep in mind that shares of Grayscale Bitcoin Trust are also in correlation with Bitcoin, and if the price of Bitcoin falls below $12,000, we could probably see shares of GBTC at a lower price level than the current price. The important support level stands at $11, and if the price breaks this level, we could see GBTC at $10 or even below.<\/p>\n","post_title":"GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"gbtc-price-prediction-after-judges-raised-hope-for-investors-in-favour-of-grayscale","to_ping":"","pinged":"","post_modified":"2023-04-10 17:23:37","post_modified_gmt":"2023-04-10 07:23:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10316","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10287,"post_author":"13","post_date":"2023-03-07 23:34:07","post_date_gmt":"2023-03-07 12:34:07","post_content":"\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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"};
\"In approving the futures ETPs, it seems to be that the commission has to have necessarily drawn the conclusion that this arrangement would prevent fraud and manipulation on the underlying spot market because they recognize the relationship between the two markets, and they approved the rule for the futures product,\" <\/em>said<\/a> Judge Neomi Rao, while questioning the SEC.<\/p>\n\n\n\n After Tuesday's oral arguments, the court could make its decision as soon as this summer, and Grayscale's chief executive officer, Michael Sonnenshein, said that he anticipates the court will rule in Grayscale's favor.<\/p>\n\n\n\n Shares of Grayscale Bitcoin Trust are showing bullish momentum this trading week, and if the price advances above $14, the next target could be resistance at $15. The price has also exceeded the 10-day moving average, indicating that shares of GBTC could advance even more.<\/p>\n\n\n\n Despite this advance, investors should keep in mind that shares of Grayscale Bitcoin Trust are also in correlation with Bitcoin, and if the price of Bitcoin falls below $12,000, we could probably see shares of GBTC at a lower price level than the current price. The important support level stands at $11, and if the price breaks this level, we could see GBTC at $10 or even below.<\/p>\n","post_title":"GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"gbtc-price-prediction-after-judges-raised-hope-for-investors-in-favour-of-grayscale","to_ping":"","pinged":"","post_modified":"2023-04-10 17:23:37","post_modified_gmt":"2023-04-10 07:23:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10316","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10287,"post_author":"13","post_date":"2023-03-07 23:34:07","post_date_gmt":"2023-03-07 12:34:07","post_content":"\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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 the SEC, the proposal did not meet anti-fraud and investor protection standards. Still, Grayscale's lead counsel told the court that a spot bitcoin ETF would \"better protect investors\" because it would benefit them from oversight based on the surveillance agreements set up with the Chicago Mercantile Exchange, where bitcoin futures trade.<\/p>\n\n\n\n \"In approving the futures ETPs, it seems to be that the commission has to have necessarily drawn the conclusion that this arrangement would prevent fraud and manipulation on the underlying spot market because they recognize the relationship between the two markets, and they approved the rule for the futures product,\" <\/em>said<\/a> Judge Neomi Rao, while questioning the SEC.<\/p>\n\n\n\n After Tuesday's oral arguments, the court could make its decision as soon as this summer, and Grayscale's chief executive officer, Michael Sonnenshein, said that he anticipates the court will rule in Grayscale's favor.<\/p>\n\n\n\n Shares of Grayscale Bitcoin Trust are showing bullish momentum this trading week, and if the price advances above $14, the next target could be resistance at $15. The price has also exceeded the 10-day moving average, indicating that shares of GBTC could advance even more.<\/p>\n\n\n\n Despite this advance, investors should keep in mind that shares of Grayscale Bitcoin Trust are also in correlation with Bitcoin, and if the price of Bitcoin falls below $12,000, we could probably see shares of GBTC at a lower price level than the current price. The important support level stands at $11, and if the price breaks this level, we could see GBTC at $10 or even below.<\/p>\n","post_title":"GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"gbtc-price-prediction-after-judges-raised-hope-for-investors-in-favour-of-grayscale","to_ping":"","pinged":"","post_modified":"2023-04-10 17:23:37","post_modified_gmt":"2023-04-10 07:23:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10316","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10287,"post_author":"13","post_date":"2023-03-07 23:34:07","post_date_gmt":"2023-03-07 12:34:07","post_content":"\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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> FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds<\/a><\/p>\n\n\n\n According to the SEC, the proposal did not meet anti-fraud and investor protection standards. Still, Grayscale's lead counsel told the court that a spot bitcoin ETF would \"better protect investors\" because it would benefit them from oversight based on the surveillance agreements set up with the Chicago Mercantile Exchange, where bitcoin futures trade.<\/p>\n\n\n\n \"In approving the futures ETPs, it seems to be that the commission has to have necessarily drawn the conclusion that this arrangement would prevent fraud and manipulation on the underlying spot market because they recognize the relationship between the two markets, and they approved the rule for the futures product,\" <\/em>said<\/a> Judge Neomi Rao, while questioning the SEC.<\/p>\n\n\n\n After Tuesday's oral arguments, the court could make its decision as soon as this summer, and Grayscale's chief executive officer, Michael Sonnenshein, said that he anticipates the court will rule in Grayscale's favor.<\/p>\n\n\n\n Shares of Grayscale Bitcoin Trust are showing bullish momentum this trading week, and if the price advances above $14, the next target could be resistance at $15. The price has also exceeded the 10-day moving average, indicating that shares of GBTC could advance even more.<\/p>\n\n\n\n Despite this advance, investors should keep in mind that shares of Grayscale Bitcoin Trust are also in correlation with Bitcoin, and if the price of Bitcoin falls below $12,000, we could probably see shares of GBTC at a lower price level than the current price. The important support level stands at $11, and if the price breaks this level, we could see GBTC at $10 or even below.<\/p>\n","post_title":"GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"gbtc-price-prediction-after-judges-raised-hope-for-investors-in-favour-of-grayscale","to_ping":"","pinged":"","post_modified":"2023-04-10 17:23:37","post_modified_gmt":"2023-04-10 07:23:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10316","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10287,"post_author":"13","post_date":"2023-03-07 23:34:07","post_date_gmt":"2023-03-07 12:34:07","post_content":"\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","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"};
Because of this, Grayscale sued the SEC denying its application, and for now, everything indicates that its request could bear fruit. Judges for the U.S. Court of Appeals for the District of Columbia Circuit sounded very sceptical of arguments made by the Securities and Exchange Commission justifying its decision to disallow the conversion. It is important to say that the SEC has already approved ETFs that hold Bitcoin futures, and judges asked what data the agency wanted Grayscale to show to prove that surveillance of the futures market was a sufficient proxy for surveilling that of spot Bitcoin.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds<\/a><\/p>\n\n\n\n According to the SEC, the proposal did not meet anti-fraud and investor protection standards. Still, Grayscale's lead counsel told the court that a spot bitcoin ETF would \"better protect investors\" because it would benefit them from oversight based on the surveillance agreements set up with the Chicago Mercantile Exchange, where bitcoin futures trade.<\/p>\n\n\n\n \"In approving the futures ETPs, it seems to be that the commission has to have necessarily drawn the conclusion that this arrangement would prevent fraud and manipulation on the underlying spot market because they recognize the relationship between the two markets, and they approved the rule for the futures product,\" <\/em>said<\/a> Judge Neomi Rao, while questioning the SEC.<\/p>\n\n\n\n After Tuesday's oral arguments, the court could make its decision as soon as this summer, and Grayscale's chief executive officer, Michael Sonnenshein, said that he anticipates the court will rule in Grayscale's favor.<\/p>\n\n\n\n Shares of Grayscale Bitcoin Trust are showing bullish momentum this trading week, and if the price advances above $14, the next target could be resistance at $15. The price has also exceeded the 10-day moving average, indicating that shares of GBTC could advance even more.<\/p>\n\n\n\n Despite this advance, investors should keep in mind that shares of Grayscale Bitcoin Trust are also in correlation with Bitcoin, and if the price of Bitcoin falls below $12,000, we could probably see shares of GBTC at a lower price level than the current price. The important support level stands at $11, and if the price breaks this level, we could see GBTC at $10 or even below.<\/p>\n","post_title":"GBTC Price Prediction after Judges Raised Hope for Investors In Favour Of Grayscale","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"gbtc-price-prediction-after-judges-raised-hope-for-investors-in-favour-of-grayscale","to_ping":"","pinged":"","post_modified":"2023-04-10 17:23:37","post_modified_gmt":"2023-04-10 07:23:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10316","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10287,"post_author":"13","post_date":"2023-03-07 23:34:07","post_date_gmt":"2023-03-07 12:34:07","post_content":"\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n
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Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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![\"Grayscale](\"https:\/\/www.thedistributed.co\/wp-content\/uploads\/2023\/03\/Grayscale-Bitcoin-Trust-analysis-1160x492.jpg\")
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Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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Technical Analysis Of GBTC<\/h2>\n\n\n\n
<\/figure>\n\n\n\n\n
Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
ADVERTISEMENT
Technical Analysis Of GBTC<\/h2>\n\n\n\n
<\/figure>\n\n\n\n\n
Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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Technical Analysis Of GBTC<\/h2>\n\n\n\n
<\/figure>\n\n\n\n\n
Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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Technical Analysis Of GBTC<\/h2>\n\n\n\n
<\/figure>\n\n\n\n\n
Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
ADVERTISEMENT
Technical Analysis Of GBTC<\/h2>\n\n\n\n
<\/figure>\n\n\n\n\n
Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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Technical Analysis Of GBTC<\/h2>\n\n\n\n
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