Alameda Research Files Lawsuit Against Waves Founder for $90 Million Recovery

Alameda Research, the sister company of the defunct FTX exchange, has filed a lawsuit against Aleksandr Ivanov, founder of the Waves blockchain platform, seeking to recover at least $90 million. The filing asserts that Ivanov and associated business entities misappropriated assets deposited by Alameda on Vires.Finance, a liquidity platform built on Waves.

This lawsuit forms part of Alameda's broader initiative to assist creditors affected by the FTX collapse in retrieving their funds.

Alameda Claims Ivanov Inflated Token Value and Withheld Access to Deposited Funds

Vires.Finance is an investment platform allowing users to deposit assets on the Waves blockchain to earn interest and gain governance rights in the Vires DAO. In March 2022, Alameda deposited approximately $80 million in stablecoins USDT and USDC on the platform.

According to the recent filing, these deposits were later converted into approximately $90 million worth of USDN, another stablecoin used on the platform. Alameda accuses Ivanov of manipulating Waves and Vires to artificially inflate the value of the Waves token.

Alameda alleges that while promoting the platform as a profitable opportunity, Ivanov may have been withdrawing funds from Vires. A breakdown in communication between Alameda and Ivanov reportedly contributed to the lawsuit, as Alameda claims it has attempted multiple times to recover its assets but received minimal engagement from Ivanov.

A Wave of Legal Actions

Alameda's lawsuit against Ivanov is part of over 20 legal actions aimed at recovering funds for FTX creditors. These lawsuits target various individuals and companies, including SkyBridge Capital CEO Anthony Scaramucci and developers of the game Storybook Brawl.

The lawsuit appears to be impacting WAVES, with the token price declining by 0.3% in the last 24 hours to around $1.12.