<div class="coinjournal">
 <ul>
  <li>FTX seeks to sell $744 million in Grayscale and Bitwise assets amid its bankruptcy proceedings.</li>
  <li>The asset sale aims to prepare for creditor payouts and minimize price volatility risks.</li>
  <li>FTX founder Sam Bankman-Fried was recently found guilty of all the charges that had been levelled against him.</li>
 </ul>
 <p>In a move to address its financial obligations and recover from bankruptcy, the troubled crypto exchange <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a>, along with its debtors, has submitted a proposal to the US bankruptcy court in Delaware <a rel="noopener noreferrer nofollow" title="seeking" href="https://thebittimes.com/tag/seeking.html">seeking</a> to sell trust assets.</p>
 <p>The proposal outlines the sale of trust assets, consisting of funds from Grayscale and Bitwise, with a combined estimated value of $744 million.</p>
 <h2 id="upcoming-creditor-payouts">Upcoming creditor payouts</h2>
 <p><a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a>, once a major player in the crypto exchange industry, filed for bankruptcy in November the previous year after reports revealed the misappropriation of customer <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a>. The proposed sale of “trust assets” is aimed at preparing the estates for forthcoming distributions to creditors and streamlining the sale of these assets at the most opportune time.</p>
 <p>The assets earmarked for sale include approximately $691 million held in five Grayscale Trusts and an additional $53 million managed by Bitwise. These valuations are based on market values as of October 25, 2023. These trusts offer investors a means to gain exposure to digital assets without direct ownership.</p>
 <p>The rationale behind this proposed sale is to proactively manage the risk associated with price volatility, thereby safeguarding the value of the trust assets. This approach is designed to maximize returns for creditors and facilitate a fair distribution of funds within the debtor’s plan of reorganization.</p>
 <p>The proposal not only involves the use of an investment adviser but also the establishment of a pricing committee where all stakeholders will be represented. The investment adviser will be mandated to obtain a minimum of two bids from different counterparties before the sale of assets, ensuring transparency and fair market value determination.</p>
 <h2 id="sam-bankman-fried-s-conviction">Sam Bankman-Fried’s conviction</h2>
 <p>The founder of <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a>, Sam Bankman-Fried, was recently found guilty of all the charges that had been levelled against him related to the collapse of the <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> crypto exchange.</p>
 <p>A tentative sentencing date has been set for March 28, 2024, with potential implications of a significant prison term, though estimates vary between 15-20 years according to experts.</p>
 <p>This development bears significance not only for FTX and its creditors but also for the broader cryptocurrency industry, shedding light on the challenges and risks faced by participants in the ever-evolving digital asset landscape.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-seeking-approval-to-sell-funds-from-grayscale-and-bitwise-tbt69153.html">https://thebittimes.com/ftx-seeking-approval-to-sell-funds-from-grayscale-and-bitwise-tbt69153.html</a></p>

FTX seeking approval to sell funds from Grayscale and Bitwise

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