FTX seeks sale of Grayscale and Bitwise trust assets worth $744 million
Bankrupt crypto exchange FTX has requested the bankruptcy court in Delaware to allow it to sell certain key trust funds, including assets from crypto asset manager Grayscale and custody service provider Bitwise valued at around $744 million.
In a court filing dated Nov. 3, FTX debtors requested the court to allow them to sell Trust assets as it will make way for the firm to prepare for “forthcoming dollarized distributions to creditors.”
These trust assets are held in one Bitwise trust valued at $53 million and five Grayscale trusts valued at $691 million. These crypto trusts act as an onboarding tool for many and allow investors to gain crypto exposure without owning one.
The court filing read:
“The Debtors’ judgment is that proactively mitigating the risk of price swings will best protect the value of the Trust Assets, thereby maximizing the return to creditors and promoting an equitable distribution of funds in the Debtors’ plan of reorganization.”
The FTX debtors requested that the sale of trust assets and sale procedures should be approved by an investment adviser. Also, they proposed a pricing committee represented by the stakeholders to be part of the sale procedure.
Related: ‘Fuck regulators,’ said SBF behind closed doors: Report
The latest request by FTX debaters for the sale of trust assets comes after the court had earlier approved the liquidation of nearly $3.4 billion in crypto assets. The court ordered the sale of these assets in batches of $50 million and $100 million to avoid any market dump.
The FTX bankruptcy proceedings are moving along as the former FTX CEO Sam Bankman-Fried was found guilty by a jury on all seven counts during his criminal trial in New York. The former CEO was found guilty of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy. The judge is set to order sentencing in the case on March 28, 2024.
Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis
Politics
Zelenskyy says he is ‘truly thankful’ to US after Trump row – as he arrives in UK for summit
Volodymyr Zelenskyy has said the Ukrainian people “are truly thankful” for US support, hours after talks with Donald Trump descended into a row at the White House.
During a disastrous meeting with Mr Trump, the Ukrainian president was asked by vice president JD Vance, “have you said thank you once?”
In a lengthy social media post, Mr Zelenskyy said: “I always begin with words of gratitude from our nation to the American nation”.
The Ukrainian president insisted the US-Ukraine relationship “is more than just two leaders” but it was “crucial” for his country to have Mr Trump’s support.
He added: “American people helped save our people. Humans and human rights come first. We’re truly thankful. We want only strong relations with America, and I really hope we will have them.”
Ukraine latest: Zelenskyy says Ukraine should be ‘not forgotten’
Mr Zelenskyy will meet Sir Keir Starmer in Downing Street on Saturday afternoon after his plane landed at Stansted Airport.
It comes ahead of a major summit hosted by the UK prime minister on Sunday, where more than a dozen European and EU leaders including Mr Zelenskyy will meet to discuss the Ukraine war and security.
Please use Chrome browser for a more accessible video player
Zelenskyy’s plane lands in UK
The Ukrainian president had travelled to Washington DC to attempt to secure a ceasefire agreement after three years of war with Russia and a possible mineral deal with the US.
The meeting descended into a shouting match in front of cameras and journalists.
Please use Chrome browser for a more accessible video player
Watch Trump and Zelenskyy clash
Mr Vance told Mr Zelenskyy: “I think it’s disrespectful for you to come to the Oval Office to try to litigate this in front of the American media.
“You should be thanking the President [Trump] for trying to bring an end to this conflict.”
Mr Zelenskyy and Mr Trump clash. Pics: Reuters
‘You’re gambling with World War Three’
The Ukrainian president tried to object but Mr Trump spoke over him and told him: “You’re gambling with the lives of millions of people.
“You’re gambling with World War Three, and what you’re doing is very disrespectful to the country, this country that’s backed you far more than a lot of people say they should have.”
Mr Zelenskyy defended himself and his country, openly challenging Mr Trump on his softer approach to Vladimir Putin and urging him to make “no compromises with a killer”.
More from Sky News:
How Starmer secured wins at the White House
Inside the Oval Office with Trump and Starmer
Please use Chrome browser for a more accessible video player
Trump and Zelenskyy’s body language analysed
European leaders express support for Zelenskyy
After the row, Mr Trump told his Ukrainian counterpart to leave the White House, according to a US official, leaving the minerals deal in limbo.
European leaders expressed their support for Mr Zelenskyy ahead of the UK summit on Sunday.
France’s Emmanuel Macron, Germany’s Olaf Scholz, and Poland’s Donald Tusk all shared social media posts expressing their support.
President Trump will host the first White House Crypto Summit on March 7, bringing together industry leaders to discuss regulations, stablecoins and Bitcoin reserve legislation.
A US judge tossed the SEC’s case against Hex founder Richard Heart, stating it couldn’t decide whether he defrauded investors of $12.1 million because the US lacked jurisdiction.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports11 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway