Alameda Research Sues Waves Founder Aleksandr Ivanov to Recover $90 Million in FTX Bankruptcy Effort

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Alameda Research has filed a lawsuit against Aleksandr Ivanov, the founder of Waves. They’re trying to recover $90 million in assets that were once deposited with Vires. This move comes as the FTX estate has filed over 20 lawsuits recently to reclaim funds.

In a recent filing, Alameda, which is the trading arm of the bankrupt FTX exchange, is seeking to recover at least $90 million from Ivanov and his entities. They want to get these assets back for themselves and for the debtors involved in the FTX bankruptcy case. Alameda had previously deposited these funds with Vires.Finance, a liquidity platform on the Waves blockchain. Back in March 2022, they deposited around $80 million in USDT and USDC into Vires. This amount was reportedly converted to about $90 million worth of USDN.

Vires encouraged users to deposit assets through the Waves blockchain to earn rewards or interest and gain governance rights in the Vires DAO. Alameda claims that while Ivanov marketed Waves and Vires as great opportunities for lenders and users, he allegedly manipulated transactions to inflate the value of WAVES. At the same time, he was diverting funds from Vires.

Alameda pointed out that the debtors have made several attempts to regain their frozen assets. They noted that Ivanov agreed to join only one call with the debtors back in January 2023, but he has ignored all other outreach since then.

The Block has reached out to Waves for their comment on this situation.

In the last few days, the FTX estate has filed more than 20 lawsuits against various entities to recover funds owed to creditors. Some notable individuals include SkyBridge Capital CEO and former Trump administration official Anthony Scaramucci, the developers behind the game Storybook Brawl, and Deltec Bank chairman Jean Chalopin.

As of now, the price of Waves has dipped by 0.3% in the last 24 hours, trading at $1.12. Its market capitalization is around $112.3 million. Back in June, Binance delisted Waves from its platform, which caused the token price to drop nearly 30%.