Alameda Research, the trading arm of bankrupt cryptocurrency exchange FTX, has filed a lawsuit against Waves founder Aleksandr Ivanov and affiliates in an attempt to recover $90 million.
Alameda Research Files $90 Million Bankruptcy Suit Against Waves Founder Aleksandr Ivanov
The lawsuit, filed Sunday, alleges that Alameda is seeking the return of assets tied to FTX’s bankruptcy proceedings and that the assets were previously deposited with Vires.Finance, a liquidity platform on the Waves blockchain.
According to the filing, Alameda deposited approximately 80 million USDT and USDC stablecoins into Vires in March 2022, which were reportedly converted into approximately 90 million USDN stablecoins.
The lawsuit alleges that Ivanov encouraged Vires users to deposit assets through Waves to earn rewards and governance rights, but secretly executed transactions that inflated the value of the WAVES token while redirecting funds away from Vires.
Alameda alleges that it has made several attempts to reclaim its frozen assets but has received minimal cooperation from Ivanov, who reportedly attended only one call in January 2023 and has since avoided further outreach efforts.
The lawsuit is part of a broader move by FTX's bankruptcy estate, which has filed more than 20 lawsuits against various entities in recent days to recover assets from creditors.
Other targets include SkyBridge Capital CEO Anthony Scaramucci, the developers behind Storybook Brawl, and Deltec Bank chairman Jean Chalopin.
Waves has been struggling recently, with its token price down 0.3% to $1.12, with a market cap of around $112.3 million as of the latest trading data. Binance delisted Waves in June, leading to a nearly 30% drop in the token’s value.
*This is not investment advice.
