Alameda Research, the trading affiliate of the bankrupt crypto exchange FTX, has initiated legal proceedings against Aleksandr Ivanov, the founder of Waves.
Alameda Research, the trading affiliate of the bankrupt crypto exchange FTX, has initiated legal proceedings against Aleksandr Ivanov, the founder of Waves. The lawsuit aims to recover assets valued at approximately $90 million which were previously deposited with Vires.Finance, a liquidity platform associated with Waves.
In a court filing made on Sunday, Alameda detailed its efforts to reclaim these assets, alleging that Ivanov orchestrated transactions that artificially inflated the value of the WAVES token while diverting funds from Vires.
According to the lawsuit, Alameda deposited around $80 million in USDT and USDC into Vires in March 2022, which were reportedly converted to about $90 million worth of USDN.
Despite previous attempts to regain access to their frozen assets, Alameda stated that Ivanov has been largely unresponsive, participating in only one call with the debtors in January 2023. The filing highlights ongoing communication challenges, with Ivanov ignoring further outreach from Alameda.
This lawsuit is part of a broader strategy by the FTX estate, which has filed over 20 lawsuits recently to recover funds for creditors. Notable individuals and entities targeted in these legal actions include Anthony Scaramucci, CEO of SkyBridge Capital, and various game developers.
At the time of writing, the price of WAVES has decreased by 0.3% in the past 24 hours, trading at $1.12, with a market capitalization of approximately $112.3 million.
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