Alameda Drops Lawsuit Against Grayscale

According to Blockworks, Alameda Research has dropped its lawsuit against Grayscale, ending the injunctive relief originally sought by Alameda in March. A Grayscale spokesperson confirmed the dismissal, stating that Alameda's voluntary dismissal underscores Grayscale's position that the legal action was entirely without merit. The complaint was initially filed with Delaware's Court of Chancery, naming Grayscale CEO Michael Sonnenshein, parent company Digital Currency Group, and CEO Barry Silbert as defendants. The injunctive relief sought by the debtors aimed to unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts. Alameda initially alleged that Grayscale had collected $1.3 billion in management fees, violating its trust agreement. In August, Alameda announced its intention to add more plaintiffs to the suit against Grayscale, claiming to have around 45 parties willing to participate as additional plaintiffs. However, by September, no new plaintiffs had been added. Grayscale filed a motion to dismiss prior to Alameda's voluntary dismissal.