• Dapps: 16.23K
  • Blockchains: 78
  • Active users: 66.47M
  • 30d volume: $303.26B
  • 30d transactions: $879.24M

Alameda Research Seeks $90M from Waves Founder Ivanov

user avatar

by

2 days ago


Alameda Research, the trading arm of the bankrupt crypto exchange FTX, has filed a lawsuit against Alexander Ivanov, the founder of the Waves blockchain and its related entities. The lawsuit seeks to recover $90 million in assets that Alameda claims belong to the firm as part of the FTX bankruptcy proceedings.

Asset Recovery Claim of $90M

In March 2022, Alameda transferred approximately $80 million in stablecoins USDT and USDC to the Vires platform, which was then converted to around $90 million in USDN. It is alleged that Ivanov, promoting Waves and Vires as profitable projects, manipulated the value of WAVES and secretly diverted funds from Vires, leading to a loss of over 95% of WAVES' value and $530 million in damages for Vires users.

FTX Legal Battle Expands to Binance and Others

The lawsuit by Alameda is part of a broader legal battle initiated by FTX. In recent days, plaintiffs have filed several lawsuits against various parties to recover funds for creditors. Key individuals named in these lawsuits include Anthony Scaramucci, CEO of SkyBridge Capital, among others. One of the lawsuits also targets Binance and its former CEO Changpeng Zhao, seeking to recover $1.8 billion, which FTX claims were wrongfully transferred by Sam Bankman-Fried.

Implications for Waves and Vires

According to the lawsuit, Ivanov used his control over the Vires DAO to block withdrawals of assets and sought concessions from Alameda. After Alameda's refusal, Ivanov participated in only one call and ignored further contacts. In 2023, Ivanov claimed to have dissolved the entities managing Waves and Vires, prompting Alameda to seek asset recovery and damages.

The lawsuits filed by Alameda Research reflect a broader effort to recover assets for FTX creditors. The outcome of these legal battles could have significant implications for participants in the cryptocurrency market.

0

Share

Other news

Orderly Network's Integration with Chainlink Strengthens DeFi on Arbitrum

Orderly Network utilizes Chainlink to support ORDER on Arbitrum, ensuring reliable data.

user avatar

a minute ago

Crypto Market Overload: Analysts' Warnings

Crypto analysts warn of BTC/USDT overleveraging: 2.7x growth since the start of the year.

user avatar

2 minutes ago

Pepe Unchained: A Rising Star in the Crypto World

Pepe Unchained surpasses Bluetooth headphones in searches, confirming its success and potential in the crypto industry.

user avatar

2 minutes ago

Digital Legacy Management with LifeLink - The Next Level in Memory Preservation

LifeLink helps preserve digital memories for future generations. Overview of app features and capabilities.

user avatar

3 minutes ago

PNUT Meme Coin Market Cap Surpasses $1.3 Billion in 10 Days

PNUT meme coin on Solana rapidly grew to $1.3 billion. The activity is fueled by Elon Musk's support and TikTok.

user avatar

3 minutes ago

What Contributes to Recent Ethereum Inflows?

Ethereum marks positive net inflows due to ETFs' record numbers and recent market developments.

user avatar

3 minutes ago

dapp expert logo
© 2020-2024. DappExpert. All rights reserved.
© 2020-2024. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.