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COINTURK NEWS > Cryptocurrency News > FTX Continues to Stir Markets Amid Bankruptcy Proceedings
Cryptocurrency News

FTX Continues to Stir Markets Amid Bankruptcy Proceedings

In Brief

  • FTX's bankruptcy moves affect crypto markets and token prices.

  • Grayscale's GBTC redemptions trigger a sell-off, impacting Bitcoin's value.

  • Alameda Research withdraws lawsuit against Grayscale Investments.

COINTURK NEWS
COINTURK NEWS 1 year ago
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The now-bankrupt former crypto giant FTX continues to cause turmoil, even under the control of a trustee. The company has been taking controversial steps for a while and recently announced it would repay creditors with altcoins at pre-crash values in cash. It has now shaken the markets with a billion-dollar sale.

Contents
Cryptocurrencies DeclineGrayscale Lawsuit

Cryptocurrencies Decline

Redemptions of GBTC continue, and investors have made net withdrawals of over 2 billion dollars. It has been revealed that 1 billion dollars of this was conducted by the FTX trustee. The bankruptcy committee, waiting for ETF approval to sell GBTC assets, became the main cause of the negative sentiment in cryptocurrencies due to the GBTC reserve contraction. As the company moved thousands of BTC to Coinbase addresses, we saw the price of BTC fall.

There had been an announcement that a definitive agreement would be made in December to reactivate the exchange, but this also fell through. Nevertheless, the FTT Token price continues to find buyers at $2.74.

In the next phase, we will likely see a rise in reactions as the trustees probably announce the sale of all FTT assets, indicating they no longer have any connection to this token.

Grayscale Lawsuit

The bankrupt cryptocurrency exchange FTX’s affiliate Alameda Research (the company that lost FTX customers’ money in high-risk trades) has withdrawn its lawsuit against digital asset manager Grayscale Investments, which it accused of “enriching itself at the expense of shareholders.”

Alameda, which filed the lawsuit last March, had accused Grayscale of charging high fees. Fortunately, the SEC approved the ETF applications, making it possible for GBTC to convert from a trust to an ETF. Therefore, the lawsuit became unnecessary.

FTX’s subsidiary is likely taking this step to avoid unnecessary legal expenses. We have been discussing for months that SEC approval for GBTC was vital for DCG’s survival. The company, which paid off its debts to Genesis before approval, is now starting to escape legal troubles.

Grayscale CEO Michael Sonnenshein, along with parent company Digital Currency Group (DCG) and its CEO Barry Silbert, were targeted in the lawsuit.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 22 January, 2024 - 9:36 pm 22 January, 2024 - 9:36 pm
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