Alameda has filed a lawsuit against Grayscale, seeking lower management fees and allowing redemptions

Alameda Research has filed a lawsuit against crypto asset manager Grayscale in Delaware, asking a judge to issue an injunction to realize more than $250 million in assets of what it claims are clients and creditors of FTX debtors. According to the Alameda lawsuit, Grayscale charged exorbitant management fees for its management of the Grayscale Bitcoin and Ethereum Trusts, and allowed the shares of these trusts to trade at a discount of approximately 50% to its net asset value. Over $1.3 billion in "exorbitant management fees" was charged for breaching the trust agreement. If Grayscale lowered its fees and allowed redemptions, the FTX debtor’s stock would be worth at least $550 million, about 90% more than its current value, Alameda said. The lawsuit also brought charges against Grayscale CEO Michael Sonnenshein and Grayscale owner Digital Currency Group (DCG) and its CEO Barry Silbert.