FTX to Sell Funds From Grayscale and Bitwise
Adekunle Joshua
Bankrupt crypto exchange FTX is currently seeking court permission to sell trust fund assets valued at $744 million, which includes holdings from Grayscale and Bitwise
This request aims to prepare for upcoming distributions to its creditors
The mentioned assets serve as a gateway for investors to access cryptocurrencies without owning them directly
FTX's court filings state: 'Proactively mitigating the risk of price swings will best protect the value of the Trust Assets, maximizing returns to creditors.'
Recently, FTX debtors have proposed an investment adviser's approval and suggested the establishment of a pricing committee in the sale procedures.
This request requires court approval for the liquidation of $3.4 billion in crypto assets to prevent market disruptions.
Meanwhile, FTX's former CEO, Sam Bankman-Fried, has been found guilty on multiple counts