{"id":462191,"date":"2023-11-30T10:44:37","date_gmt":"2023-11-30T10:44:37","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=462191"},"modified":"2023-11-30T14:45:20","modified_gmt":"2023-11-30T14:45:20","slug":"ftx-wins-approval-to-sell-873-million-of-grayscale-bitwise-assets","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ftx-wins-approval-to-sell-873-million-of-grayscale-bitwise-assets","title":{"rendered":"FTX Wins Approval To Sell $873 Million Of Grayscale, Bitwise Assets"},"content":{"rendered":"
FTX has received approval from a bankruptcy court to start selling up to $873 million worth of assets in Grayscale and Bitwise investment trusts.<\/p>\n
The Grayscale Bitcoin Trust accounts for $807 million of the assets, while custody service provider Bitwise accounts for the remaining $66 million. The approval<\/a> came from a bankruptcy court in Delaware on November 29. <\/a>The assets<\/a> were originally worth $744 million, a court document<\/a> shows, but have since appreciated.<\/p>\n Court documents indicate that FTX will sell the assets in a way that not only maximizes the value but also avoids market disruption.<\/p>\n Interim CEO, John Ray III, who took the reins after Sam Bankman-Fried was ousted, has been spearheading the asset recovery efforts since November 2022. Up to $7 billion worth of assets have been recovered, out of which $3.4 billion (48.5%) comprise crypto.<\/p>\n Bankman-Fried has been accused of misappropriating customer assets worth almost $9 billion.<\/p>\n Most Searched Crypto Launch - Pepe Unchained<\/p>\n <\/div>\n FTX To Avoid Market Disruption<\/h3>\n
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