Bankrupt crypto exchange FTX’s trading arm, Alameda Research, has filed a $90 million lawsuit against Waves (WAVES) founder Aleksandr Ivanov and related entities, seeking to recover assets from the Vires.Finance platform.
Alameda Seeks $90 Million Return
In its filing, Alameda Research disclosed that it is demanding the return of approximately $90 million in assets tied to FTX debtors, which were previously held on the Vires.Finance platform. The court filing claims that around $80 million in USDT and USDC was deposited on Vires in March 2022, then converted to USDN on the platform, which operates on the Waves blockchain. The platform reportedly incentivized users to stake assets in exchange for rewards and governance rights.
Alameda alleges that Ivanov promoted Waves and Vires with promises of high returns, while secretly inflating WAVES’ value through manipulative actions and transferring funds from Vires. The filing states that Alameda’s numerous attempts to reclaim frozen assets were unsuccessful, noting that Ivanov only met with them once in January 2023 before cutting off further contact.
Ongoing Legal Battles for FTX
This lawsuit is one of more than 20 filed by FTX in its bankruptcy efforts to recover funds for creditors. Other high-profile defendants include SkyBridge Capital CEO Anthony Scaramucci, Storybook Brawl developers, and Deltec Bank President Jean Chalopin. FTX’s extensive legal actions are part of a broad campaign to repay creditors as the bankruptcy process unfolds.
WAVES coin is currently trading at $1.12, reflecting a 0.3% dip over the past 24 hours and a market cap of $112.3 million. The coin’s value plunged nearly 30% after Binance delisted it in June, dealing a significant blow to its price.
Alameda Research, Waves, Vires.Finance, lawsuit, delisted
