Bankrupt cryptocurrency exchange FTX has petitioned the US bankruptcy court in Delaware for permission to sell trust assets worth an estimated $744 million, including funds from Grayscale and Bitwise.
FTX Seeks Court Approval to Sell $744 Million in Grayscale and Bitwise Assets
The request, outlined in a court filing Friday, aims to facilitate distributions to creditors and enable FTX to efficiently direct asset sales.
FTX, once among the world's leading crypto exchanges, faced bankruptcy in November last year following a disclosure by the company that revealed misappropriation of customer funds.
Founder Sam Bankman-Fried was found guilty by a jury last week of defrauding both customers and lenders.
Legal experts predict a potential prison sentence of 15 to 20 years, although the theoretical maximum is 115 years.
Foundation assets include assets in five Grayscale Foundations valued at approximately $691 million as of October 25, 2023, and a single account managed by Bitwise valued at $53 million.
These assets offer investors exposure to digital assets without direct ownership.
*This is not investment advice.