FTX seeking approval to sell funds from Grayscale and Bitwise
FTX seeks to sell $744 million in Grayscale and Bitwise assets amid its bankruptcy proceedings. The asset sale aims to prepare for creditor payouts and minimize price volatility risks. FTX founder Sam Bankman-Fried was recently found guilty of all the charges that had been levelled against him. In a move to address its financial obligations and recover from bankruptcy, the troubled crypto exchange FTX , along with its debtors, has submitted a proposal to the US bankruptcy court in Delaware seeking to sell trust assets. The proposal outlines the sale of trust assets, consisting of funds from Grayscale and Bitwise, with a combined estimated value of $744 million. Upcoming creditor payouts FTX , once a major player in the crypto exchange industry, filed for bankruptcy in November the previous year after reports revealed the misappropriation of customer funds . The proposed sale of “trust assets” is aimed at preparing the estates for forthcoming di...