FTX Seeks Approval to Sell Trust Assets Valued at $744 Million!

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Nov 6, 2023 12:15

FTX and its debtors have requested the U.S. bankruptcy court of Delaware to approve the sale of trust assets, which include funds from Grayscale and Bitwise valued at an estimated $744 million, through an investment adviser. The sale will allow the estates to prepare for forthcoming dollarized distributions to creditors. FTX was one of the world’s largest crypto exchanges before it went bankrupt in November 2021 due to customer fund misappropriation. Last week, FTX founder Sam Bankman-Fried was found guilty of defrauding his customers and lenders and could face up to 115 years in jail. The “trust assets” are held in Grayscale Trusts and Bitwise Trusts, allowing investors to gain exposure to digital assets without owning them.