Litecoin

Million

Grayscale Bitcoin Trust

Ethereum Classic

In a major development for the bankruptcy proceedings of crypto exchange FTX, a Delaware bankruptcy court has given the go-ahead to sell approximately $873 million worth of trust assets. 
These assets are set to be utilized in repaying creditors affected by the collapse of the exchange in 2022, as detailed in a filing made on November 29. 
The assets earmarked for sale primarily stem from FTX’s stakes in trusts issued by crypto asset manager Grayscale Investments and custody service provider Bitwise. Grayscale Investments holds the lion’s share, valued at $807 million, while Bitwise contributes $66 million to the total. 
Although the court document initially listed the assets at $744 million based on their valuation as of October 25, 2023, their value has appreciated since then. 
The approval for this sale follows a motion filed by FTX debtors on November 3, requesting Judge John Dorsey’s authorization to sell six cryptocurrency trusts, including high-profile entities like the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Bitwise 10 Crypto Index Fund (BITW). 
Presently, FTX retains ownership of over 22 million units of GBTC, valued at $691 million, and approximately 6.3 million shares of ETHE, now worth about $106 million. 
The recently sanctioned sale also includes Grayscale’s Ethereum Classic Trust (ETCG), Litecoin Trust (LTCN), and Digital Large Cap Trust (GDLC). Proceeds from these sales are intended to assist in the recovery of funds for affected FTX customers. 
Under the stewardship of John. J Ray III and the administration team, efforts have been ongoing to recover assets since the collapse of Sam Bankman-Fried’s empire in November 2022. To date, approximately $7 billion in assets has been recovered, with nearly half of this amount in cryptocurrencies, totaling $3.4 billion. 
The scale of misappropriated customer assets was estimated at $8.7 billion by FTX’s debtors in June. Meanwhile, Sam Bankman-Fried, facing seven fraud-related convictions as of November 2, awaits sentencing scheduled for March 28. For the time being, he remains confined in Brooklyn’s Metropolitan Detention Center. 
The post <a rel="nofollow" href="https://www.unlock-bc.com/113114/court-greenlights-873-million-trust-asset-sale-for-ftx-creditor-repayment/">Court Greenlights $873 Million Trust Asset Sale for FTX Creditor Repayment</a> appeared first on <a rel="nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Court Greenlights $873 Million Trust Asset Sale for FTX Creditor Repayment

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