A recent court ruling has granted FTX permission to sell approximately $873 million worth of assets held in trust. Around $700 million of these assets are from Grayscale's primary offering, the Grayscale Bitcoin Trust (GBTC).

The approval, dated November 29 and issued by a bankruptcy court in Delaware, has enabled the defunct crypto exchange to liquidate holdings in trusts managed by Grayscale Investments and Bitwise. It marks a significant step in repaying creditors impacted by the collapse of the exchange.

The authorization was prompted by a motion filed by FTX's debtors on November 3, requesting the sale of six cryptocurrency trusts, including the GBTC, Grayscale Ethereum Trust (ETHE), and Bitwise 10 Crypto Index Fund.

FTX's Grayscale Trust Assets Cleared for Sale

FTX's holdings in Grayscale, notably 22 million units of GBTC and 6.3 million shares of ETHE comprise a substantial portion of the assets marked for sale. The total amount of these assets is $691 million and approximately $106 million, respectively. The sale of the sanctioned assets involves FTX's stakes in various trusts issued by Grayscale Investments with a value of $807 million. Additionally, it includes a stake estimated at $66 million at Bitwise.

Grayscale Investments is renowned for selling investments linked to various digital currencies. It structures and manages trusts through which buyers acquire shares rather than hold cryptocurrencies.

FTX, under the leadership of John J. Ray III, has been working to recuperate assets following the downfall of Sam Bankman-Fried's enterprise in November 2022. These efforts have led to the recovery of approximately $7 billion in assets, with cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term accounting for nearly half of this amount.

Recently, the entities overseeing FTX's bankruptcy process filed a lawsuit targeting Bybit's Mirana Corp. The lawsuit alleges that Mirana Corp received a substantial sum of $935 million prior to FTX's bankruptcy filing. These transfers were allegedly intended to hinder, delay, or defraud FTX.com's present or future creditors.

FTX Targets Alleged Fraudulent Asset Transfers

The lawsuit asserts that the transfers to Mirana Corp and Time Research, among other entities, should be classified as fraudulent. FTX's administrators have argued that Mirana Corp received assets worth $837,815,847, while Time Research was allocated $47,995,279.

FTX and its affiliates Affiliates Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Read this Term filed for bankruptcy following management controversies, leading to legal actions against its Former CEO, Sam Bankman-Fried, and other executives. Ray III took on the role of CEO to supervise the exchange's transition and asset liquidation process.

The creditors of the crypto exchange are evaluating the legality of recovering endorsement fees paid to athletes and sports clubs, including prominent figures like Shaquille O'Neal, Naomi Osaka, David Ortiz, Trevor Lawrence, and sports teams like the Golden State Warriors and Miami Heat.