Waves

Galaxy

Gary

Alameda Research now, the bankrupt subsidiary of FTX, has a case against Aleksandr Ivanov to recover $90M as a part of an ongoing legal hustle.&nbsp;
Aleksandr is the founder of Waves, the same company that has significant direct and indirect exposure to the crypt exchange founded by Sam Bankman Fried.
Available information notes that Alameda filed the lawsuit to recover its investment which it made in March 2022 in the form of stablecoins valued at $80 million in Vires. Finance a Waves-based decentralized liquidity protocol.&nbsp;
The court filings read that the founder of Waves has manipulated the prices of Waves tokens;&nbsp; further quoted that ” Ivanov secretly orchestrated a series of transactions that inflated artificially the value of WAVES, while at the same time siphoning funds from Vires. As the fraudulent scheme began to be uncovered, WAVES lost substantial market capitalization—losing over 95% of its value—and Vires users were saddled with $530 million in losses.”
As of writing, Waves token was trading at $1.15 with a surge of 60 percent in trading volume, which reached $34.77 million, and its market capitalization was $134.24 million. Its registered all-time high is $62.36, acquired in March 2022, the same month it received a million-dollar deposit by FTX.&nbsp;
FTX was once the firm with the highest number of investments in crypto-focused startups, companies, infrastructure, and others. It was also the sponsor of dozens of sports leagues worldwide.&nbsp;
Anthropic AI, a known AI infrastructure, was one of the leading companies that secured funding from FTX, and its founding members were also holding their investment in the AI firm.&nbsp;
<a href="https://news.todayq.com/will-gary-wangs-cooperation-reduce-his-sentence-in-ftx-case/" target="_blank" rel="noopener noreferrer nofollow">Todayq </a>reported that FTX co-founder and CTO Gary Wang has been closely collaborating with the US government to create fraud detection systems.&nbsp;
The revelation gained attention after Wang’s lawsuit team filed a recent report, which also mentions that he assisted the authorities in creating two distinct pieces of software, one of which was specifically designed to monitor any fraud and illegal activity in the public market. The other seeks to identify illicit activity on cryptocurrency trading platforms. FTX Collapse the Darkest Incident in Crypto History?&nbsp; 
It was the second-largest cryptocurrency exchange in the world before its abrupt collapse in the final quarter of 2022.
Sam Bankman Fried’s strategy and plan have helped him build an exchange and take it to the next level in a matter of quarters. He was a well-known individual trader who was connected to a few well-known trading firms before the creation of <a href="https://news.todayq.com/nishad-singh-ex-official-ftx-spared-prison-for-cooperating-with-attorney/" target="_blank" rel="noopener noreferrer nofollow">FTX</a>.
One of the main causes of FTX’s demise was the abrupt drop in FTT trading prices and spikes in withdrawals. Sam, who was also listed by Fores as one of the youngest billionaires, became the youngest billionaire in the cryptocurrency market during the height of business expansion.
Investigations and scrutiny have been prompted by the consecutive increases in revenue of FTX, Sam, and affiliated businesses and founding members. As a result, illegal activities and other financial mishaps in the exchange, its trading arm, and a few other businesses filed for bankruptcy after FTX was made public.
Over 6 companies directly involved with FTX lost billions of dollars in just a few days, which ultimately resulted in back-to-back bankruptcies in the wider cryptocurrency market. Voyagers, Three Arrow Capital, BlockFi, and Galaxy Digital are some major players that opted out of the market following severe losses.&nbsp;

FTX trading arm sues Waves’ Ivanov to recover $90M- Filing

Todayq News

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