CoinDesk reported that according to a press release, FTX affiliate Alameda Research has filed a lawsuit against crypto asset management company Grayscale Investments for injunctive relief. The lawsuit was filed in the Delaware Court of Chancery and filed claims against Grayscale CEO Michael Sonnenshein and Grayscale's parent company DCG and its CEO Barry Silbert. Alameda stated in the lawsuit that Grayscale has violated the trust agreement and collected more than $1.3 billion in "excessive management fees" in the past two years alone. In addition, the company used "fabricated excuses" to prevent shareholders from redeeming their shares, causing the trust stock to trade at a price about 50% lower than the net asset value. If Grayscale reduces management fees and allows redemptions, FTX debtors' shares will be worth at least $550 million, about 90% higher than the current value. FTX CEO and Chief Restructuring Officer John J. Ray III said in a statement that it will continue to use all tools to maximize the recovery of funds for FTX customers and creditors.
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Alameda sues Grayscale, seeking redemption of trust shares and reduction of management fees
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