Alameda Research sues Waves founder in an attempt to recover at least $90 million

ChainCatcher news, according to The Block, the bankrupt crypto exchange FTX's trading subsidiary Alameda Research has filed a lawsuit against Waves and its founder Aleksandr Ivanov, attempting to recover at least $90 million. Alameda stated in a filing on Sunday that it seeks the transfer of $90 million worth of assets owned by the debtors in the Alameda and FTX bankruptcy cases, adding that Alameda had previously deposited these assets on the liquidity platform Vires.Finance operated by Waves.

According to the documents, in March 2022, Alameda deposited approximately $80 million in USDT and USDC on Vires, which allegedly has been converted into USDN worth about $90 million. Vires users were encouraged to deposit assets into Vires via the Waves blockchain to earn rewards or interest and gain governance rights in Vires DAO. Alameda stated, "While Ivanov marketed Waves and Vires as opportunities for lenders and other users to earn substantial profits, Ivanov secretly orchestrated a series of transactions that artificially inflated the value of WAVES while siphoning funds from Vires." Alameda pointed out that the debtors "made multiple attempts to regain custody of the frozen assets," and Ivanov "agreed to participate in a call with the debtors in January 2023." However, the documents state that Ivanov has since ignored all other efforts by the debtors.

In the past few days, the FTX bankruptcy estate administrators have filed over 20 lawsuits against various entities to recover funds for creditors.