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Ethereum
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$2,871.28 10.89342
Ethereum price
BNB
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$609.86 4.58391
BNB price
Solana
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$190.56 5.10993
Solana price
XRP
XRP (XRP)
$0.570732 7.10494
XRP price
Shiba Inu
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$0.0000192 -0.32959
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Pepe
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$0.0000106 13.64332
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Bonk
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$0.0000229 5.77173
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Ethereum
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BNB
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$609.86 4.58391
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Solana
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XRP
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$0.570732 7.10494
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Shiba Inu
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$0.0000192 -0.32959
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Pepe
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$0.0000106 13.64332
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Bonk
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$0.0000229 5.77173
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Bitcoin
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$75,351.00 1.8234
Bitcoin price
Ethereum
Ethereum (ETH)
$2,871.28 10.89342
Ethereum price
BNB
BNB (BNB)
$609.86 4.58391
BNB price
Solana
Solana (SOL)
$190.56 5.10993
Solana price
XRP
XRP (XRP)
$0.570732 7.10494
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000192 -0.32959
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000106 13.64332
Pepe price
Bonk
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$0.0000229 5.77173
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FTX’s Alameda Research withdraws Grayscale lawsuit

ftxs-alameda-research-withdraws-grayscale-lawsuit
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FTX’s Alameda Research withdraws Grayscale lawsuit

FTX’s sister company, Alameda Research, willingly dismissed litigation action against Digital Currency Group’s Grayscale Investments shortly after spot BTC ETF approval.

Court filings from Jan. 22 showed that Alameda opted out of suing Grayscale, its CEO Michael Sonnenshein, its parent company Digital Currency Group’s (DCG), and founder Barry Silbert over a ban on Grayscale’s Bitcoin Trust (GBTC) redemptions.

The lawsuit submitted in March last year alleged that Grayscale implemented a self-dealing and unfair regulation ban that withheld over $9 billion in value from FTX’s bankrupt estate.

CEO John J. Ray III, FTX’s new boss following Sam Bankman-Fried’s resignation, said the suit sought injunctive relief at the time amid an amalgamation of assets earmarked for creditors and operational expenses.

A Grayscale representative who confirmed the news added that Alameda’s decision to withdraw upholds the asset manager’s view on the motion. Sonnenshein’s company had previously argued that the FTX-affiliated crypto trading firm had zero legal ground for a lawsuit. 

Alameda’s about-face comes on the heels of regulatory nods from the Securities and Exchange Commission (SEC) toward spot Bitcoin ETFs. The development allowed Grayscale to convert its flagship fund, GBTC, into an exchange-traded fund underpinned by Bitcoin (BTC).

Private data cited by CoinDesk reportedly revealed 22 million GBTC shares sold by FTX, a haul comprising $2 billion in outflows from Grayscale’s Bitcoin ETF since the SEC issued approval on Jan. 10.

The SEC was instructed to re-review spot Bitcoin ETFs after losing to Grayscale in court. Three Washington D.C. judges ruled that the SEC was “arbitrary and capricious” in denying spot BTC ETFs while already approving Bitcoin futures ETFs, which operate as a similar product.