In a Monday statement, FTX’s new boss John J. Ray III—who is overseeing the bankruptcy process of the collapsed crypto exchange—said Grayscale had an “improper redemption ban” that was stopping customers from getting their money. 

“FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust investors that are being harmed by Grayscale's actions,” said Ray. 

FTX further alleged that in the past two years alone, “Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trust agreements.”