Alameda Research
Files $
90 Million
Lawsuit Against
Waves Founder
Aleksandr Ivanov Details
Alameda Research Files $90 Million Lawsuit Against Waves Founder Aleksandr
Ivanov Details
by Ronaldo Marquez
2 mins ago
in Crypto News
0
Alameda Research, the trading firm affiliated with the collapsed
cryptocurrency exchange FTX , has initiated legal action against Aleksandr
Ivanov, the founder of Waves, in a bid to recover approximately $90 million in
assets as part of Alameda s broader efforts to repay creditors affected
by FTX s insolvency in 2022.
Waves Founder Under Fire
In a detailed complaint filed on Sunday, Alameda Research claims that Ivanov,
along with affiliated companies Numeris Ltd. and DLTech Ltd., engaged in
fraudulent activities that resulted in significant financial losses for the
firm.
Alameda alleges that it deposited around $80 million in stablecoins with
Vires.Finance, a liquidity platform operated within the Waves ecosystem, only
to find those assets now trapped due to Ivanov’s alleged mismanagement and
deceitful practices.
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Collaboration
The complaint outlines a series of transactions orchestrated by Ivanov that
“artificially inflated” the value of the WAVES token, while simultaneously
diverting funds from Vires. As a result, the WAVES token lost over 95% of its
market capitalization, leading to $530 million in losses for Vires users. The
monthly chart shows WAVES crash and subsequent consolidation. Source:
WAVESUSDT on TradingView.com
The lawsuit further accuses Ivanov of manipulating public
perception by blaming Alameda Research for destabilizing the Waves
ecosystem, while privately attempting to extort funds from them.
Alameda asserts that Ivanov threatened to freeze their assets unless they
provided financial support for the Waves and Vires platforms. When Alameda
refused to comply, Ivanov allegedly used his control over the Vires
decentralized autonomous organization (DAO) to block access to their funds.
Alameda Research Seeks Recovery Of $90 Million
In November 2022, Ivanov acknowledged publicly that Alameda had deposited $90
million worth of stablecoin collateral , yet he took steps to freeze those
funds under the pretext of ensuring repayment to FTX users.
Since the bankruptcy filing, Alameda has struggled to reclaim its assets, with
Ivanov reportedly ignoring multiple attempts to engage in dialogue.
The lawsuit seeks not only the recovery of the deposited assets but also
damages related to violations of the Bankruptcy Code , including fraud and
conversion of property. Alameda plans to pursue all avenues to recover
additional assets that may have been transferred to Ivanov or his companies.
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Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum Rally
In the wake of these developments, Ivanov has reportedly dissolved the legal
entities operating Vires and Waves, raising further concerns about the
recovery of funds and accountability.
Alameda Research retains the right to amend its complaint, potentially
expanding the scope of the lawsuit as more information comes to light. The
daily chart shows FTT s price trending upwards. Source: FTTUSDT on
TradingView.com
At the time of writing, FTX s native token FTT is currently trading at
$2.067, up 10% in the 24-hour time frame amid the broader market uptrend led
by Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin).
Featured image from DALL-E, chart from TradingView.com