Crypto Markets Today: Fir Tree Suit Against Grayscale Adds to Industry’s Growing Woes

Monday it had severed ties with Orthogonal Trading after the firm failed to make a $10 million payment that was due, triggering defaults across all of its debt within lending pools for the stablecoin USDC and wrapped ether . Maple said Orthogonal Trading had misrepresented its exposure to Sam Bankman-Fried’s collapsed FTX exchange. Now, officials with Orthogonal Credit have come forward with a Medium post claimingare adding to their roughly 50% decline since the FTX collapse, falling another 6.

late Monday evening, asked Silvergate for answers to its supposed role in facilitating transfers between bankrupt exchange FTX and its sister firm, Alameda Research.. The Nasdaq Composite and S&P 500 closed down 2% and 1.44%, respectively, while the Dow Jones Industrial Average sank 1.03% as investors weighed the U.S. central bank’s likely 50 basis point interest rate hike at its next Federal Open Market Committee meeting on Dec. 14.

_jocelynyang_ Grayscale cannot do a redemption plan without SEC approval. Conversion into Spot BTC ETF allows redemptions, so preventing it does the opposite of what Fir Tree says it wants. GBTC was fully transparent about fees & Fir Tree should have never bought GBTC if it didn't agree.

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Hedge Fund Fir Tree Sues Grayscale for Details on GBTC: BloombergHedge fund Fir Tree is suing Grayscale to obtain details about its flagship Grayscale Bitcoin Trust (GBTC), according to Bloomberg. By NelWang Grayscale NelWang Uh ohhhhhh. Grayscale NelWang 'Grayscale, as sponsor of each Trust and the manager of the Fund, has total authority over the Trusts and the Fund and shareholders' rights are extremely limited.' Grayscale Q3 2020 report. p.18. Fir Tree was warned. Grayscale NelWang Grayscale would require SEC approval for initiating a redemption program and has no plans for doing so. It would also require sole approval of the sponsor Grayscale Investments LLC. See GBTC 10-Q, p. 1.
Source: CoinDesk - 🏆 291. / 63 Read more »

Bitcoin holds above $17,000, and FTX contagion spurs more crypto layoffs: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, FTX customer Evan Singh Luther says he has $2 million dollars stuck on the crypto exchange and reacts to Sam Bankman-Fried's first public statements on video since its collapse. Pump it harder. Slow day at CNBC? Like saying AAPL held above $150 today until it didn't.
Source: CNBC - 🏆 12. / 72 Read more »