Collapsed crypto hedge fund Alameda Research has dropped its lawsuit against Bitcoin fund manager Grayscale, clearing the way for the failed crypto brand’s new management to selling shares in its recovery fund, a lawyer working on retrieving customer funds confirmed to Decrypt. 

Alameda last March sued Grayscale—which ran the Grayscale’s Bitcoin Trust (GBTC)—in a bid to unlock investments that it said were improperly withheld from its customers. 

Since Alameda’s affiliate crypto brand FTX went bankrupt in November 2022, its new management has been working hard to get back customers’ lost cash.

But the lawsuit—which alleged that Grayscale had an “improper redemption ban”—was dropped today, a Monday court filing shows. 

Grayscale responded by saying that “Alameda’s voluntary dismissal underscores Grayscale’s position that this legal action was entirely without merit.”

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Author: Mathew Di Salvo

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