FTX’s sister company Alameda Research has filed a lawsuit against crypto asset manager Grayscale Investments seeking an injunction to realize what it says is more than $250 million in profits for FTX’s clients and shareholders. according to the newspaper. The lawsuit was filed in the Delaware Court of Chancery. It also addresses allegations against Grayscale CEO Michael Sonnenshein and Grayscale Digital Currency Group (DCG) owner and CEO Barry Silbert.

According to Alameda’s complaint, Grayscale charged a large management fee for its management of the Grayscale Bitcoin and Ethereum trusts, and allowed the shares of these trusts to be traded at a discount of around 50% to their net worth. .

The lawsuit says that if Grayscale lowers its debt and is allowed to buy back, FTX Debtors’ stock will be worth at least $550 million, or about 90% more than its current value. “We will continue to use all tools at our disposal to recover FTX’s customers and creditors,” John J. Ray III, CEO and Director of Receivables Restructuring at FTX, said in a statement. “Our goal is to unlock the benefits we believe Grayscale’s ban restricts private transactions and improper bailouts.”

In an email to CoinDesk, a spokesperson for Grayscale called the decision “unfair,” adding that “Grayscale has been clear in our efforts to obtain regulatory approval to convert GBTC into [ exchange rate funds] – the result of which is the best. long-term product strategy for Grayscale investors.”

Grayscale is set to appeal the SEC’s decision to deny Grayscale’s request to convert GBTC to an ETF at a hearing Tuesday before the Washington, D.C., Court of Appeals.