Alameda Research, FTX’s sister enterprise, filed a lawsuit against crypto asset firm Grayscale Investments, it said in a press release on Monday.
In the suit filed in the Court of Chancery in Delaware, the company said it was seeking injunctive relief for alleged $250 million USD in assets it owes to FTX Debtors creditors and customers.
The document also states that Grayscale chief executive Michael Sonnenshein and Digital Currency Gorup (DCG) chief executive Barry Silbert had taken massive fees to manage Grayscale Ethereum and Bitcoin trusts. Shares linked to the trusts traded around 50 percent lower than net asset values.
According to the complaint, FTX debtors shares would have stood at $550 million, or 90 percent higher than current values, if the firm had reduced its fees and permitted redemptions.
John J Ray III, current chief executive and chief restructuring officer for FTX Debtors, said,
“We 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’s self-dealing and improper redemption ban”
The news comes after DCG and Genesis Global Trading, an affiliate division, faced paybacks amid the collapse of crypto lending firm Genesis. The company owes creditors roughly $2.8 billion USD.
However, DCG must pay back $575 million to Genesis Global Capital by May this year, Silbert said in a letter in November last year.
