Alameda Research, the trading subsidiary of the collapsed cryptocurrency exchange FTXAlameda has begun legal proceedings against Waves founder Alexander Ivanov in an attempt to recover nearly $90 million in assets as part of Alameda’s broader efforts to repay creditors affected by FTX’s 2022 insolvency.
Founder of Surf Under Fire
In detail complaint Alameda Research filed on Sunday, claiming that Ivanov, along with its subsidiary Numeris Ltd. and DLTech Ltd., engaged in fraudulent activities that resulted in significant financial losses to the company.
Alameda claims it deposited around $80 million worth of stablecoins with Vires.Finance, a liquidity platform operating within the Waves ecosystem, only to find that those assets are now trapped due to Ivanov’s alleged mismanagement and deceptive practices.
The complaint sets out a series of Transactions It was organized by Ivanov that “artificially inflated” the value of the WAVES token, while at the same time diverting funds from Vires. As a result, the WAVES token lost more than 95% of its market value, resulting in losses of $530 million for Vires users.
The lawsuit also accuses Ivanov of “manipulating public perception” by blaming Alameda Research for destabilizing the Waves ecosystem, while privately trying to extort money from them.
Alameda asserts that Ivanov threatened to freeze their assets unless they provided financial support to the Waves and Vires platforms. When Alameda refused to comply, Ivanov allegedly used his control over the Ferris family Independent decentralized organization (DAO) to prevent access to their funds.
Alameda Research is seeking to recover $90 million
In November 2022, Ivanov publicly admitted that Alameda had deposited $90 million worth Stablecoin collateralHowever, it has taken steps to freeze those funds under the pretext of ensuring payment to FTX users.
Since filing for bankruptcy, the Alameda company has struggled to recover its assets, with Ivanov ignoring multiple attempts to engage in dialogue.
The lawsuit seeks not only to recover the deposited assets, but also to obtain damages for violations Bankruptcy lawIncluding fraud and transfer of property. Alameda plans to pursue all avenues to recover additional assets that may have been transferred to Ivanov or his companies.
In the wake of these developments, Ivanov reportedly dissolved the legal entities running Vires and Waves, raising further concerns about recovery and accountability.
Alameda Research reserves the right to amend its complaint, which may expand the scope of the complaint lawsuit As more information emerges.
At the time of writing, FTX’s native FTT token is currently trading at $2,067, up 10% on the 24-hour time frame amid the broader market uptrend led by Bitcoin (BTC).
Featured image of DALL-E, chart from TradingView.com
Comments are closed, but trackbacks and pingbacks are open.