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.