Alameda’s decision to sue Ivanov is just one of many similar moves that aims to retrieve funds for FTX creditors.
The sister company of the defunct FTX exchange, Alameda Research, has filed a lawsuit against Aleksandr Ivanov, the founder of the Waves blockchain platform. This suit was launched in hopes of recovering no less than $90 million from the defendant.
According to the Sunday filing, Ivanov alongside business entities tied to him had misappropriated the assets that Alameda deposited on Vires.Finance, a liquidity platform built on the Waves blockchain.
Notably, this lawsuit is part of Alameda’s wider efforts to help creditors affected by the FTX collapse retrieve their funds.
Alameda Claims Ivanov Inflated Token Value and Withheld Access to Deposited Funds
Vires.Finance, as it were, is an investment platform that allows users to deposit assets on the Waves blockchain so as to earn interest and gain governance rights in the Vires DAO. So, in March 2022, Alameda deposited approximately $80 million in the stablecoins USDT USDT $1.00 24h volatility: 0.0% Market cap: $144.63 B Vol. 24h: $45.02 B and USDC USDC $1.00 24h volatility: 0.0% Market cap: $60.53 B Vol. 24h: $5.72 B on the platform.
As the recent filing reveals, the deposits were later converted into roughly $90 million worth of USDN, another stablecoin used on the platform.
In its latest lawsuit, Alameda accuses Ivanov of manipulating Waves and Vires in such a way that they would be able to artificially spike the value of the Waves token WAVES $1.00 24h volatility: 1.4% Market cap: $99.92 M Vol. 24h: $11.79 M .
Alameda claims that this move went on silently and simultaneously as Ivanov continued promoting the platform as one that provided a rare opportunity to make huge profits. At the same time that this was happening, Ivanov may have been pulling off funds from the Vires platform, Alameda alleged.
Perhaps what eventually broke the camel’s back and led to the filing of this lawsuit would be the lack of communication between Alameda and Ivanov.
According to the legal filing, Alameda says it has repeatedly attempted to recover its assets. However, Ivanov continues to avoid engaging with them, having only agreed to one meeting in January 2023 and ignoring every further communication attempt.
A Wave of Legal Actions
Meanwhile, Alameda’s decision to sue Ivanov is just one of many similar moves that aim to retrieve funds for FTX creditors. Presently, there are over 20 lawsuits that the FTX estate has filed for the same reasons of helping creditors.
On the receiving end of these suits are prominent individuals and companies such as SkyBridge Capital CEO Anthony Scaramucci and the developers of the game Storybook Brawl, among others.
Interestingly, this lawsuit may already be taking its toll on WAVES. In the last 24 hours, the token price dipped slightly by 0.3% to around $1.12.
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