FTX Debtors Cleared to Liquidate $744 Million in Grayscale and Bitwise Shares, Confirms Bankruptcy Court
The bankruptcy court in Delaware has granted approval for debtors associated with the bankrupt FTX crypto exchange. To initiate the sale of Grayscale and Bitwise shares amounting to $744 million.
The recent filing follows a motion made earlier this month by FTX Trading Ltd. and its affiliated debtors. Seeking authorization for the sale or transfer of trust assets associated with crypto asset management firms Grayscale and Bitwise. The approved procedures ensure a clear and lien-free process for the sale or transfer of these assets. Among the assets set for sale are five Grayscale Trusts valued at $691 million and holdings in a Bitwise-managed trust valued at $53 million.
Notably, recent on-chain data revealed FTX’s substantial movement of digital assets, including Polygon (MATIC) and Avalanche (AVAX), to major platforms like Coinbase and Binance. FTX initially filed for bankruptcy in November, with its founder, Sam Bankman-Fried. Facing charges related to mishandling customer funds and defrauding investors. Bankman-Fried was convicted earlier this year and sentenced to an extended prison term.
Clever Robot News Desk 1st December 2023
