Alameda Research Sues Waves Founder Aleksandr Ivanov to Recover $90 Million in Crypto Assets

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As a seasoned analyst with over two decades of experience navigating the complex landscape of finance and blockchain, I find myself intrigued by this latest development involving Alameda Research and Aleksandr Ivanov. The lawsuit against Ivanov for allegedly misappropriating assets deposited on Vires.Finance is just one piece in a growing puzzle that aims to help creditors impacted by the FTX collapse recover their funds.

In simpler terms, the sibling company of the collapsed FTX cryptocurrency exchange, named Alameda Research, has initiated a lawsuit against Aleksandr Ivanov, founder of the Waves blockchain platform. The intention behind this legal action is to recoup a significant amount of money – approximately $90 million – from Ivanov.

Based on the information revealed in the weekly report, it appears that Ivanov and companies associated with him allegedly took possession of funds that Alameda had placed on Vires.Finance, a liquidity system constructed using the Waves blockchain, under suspicious circumstances.

To clarify, this legal action aligns with Alameda’s broader initiatives aimed at aiding creditors impacted by the FTX crash in recovering their assets.

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

Essentially, Vires.Finance is a blockchain-based investment platform where users can deposit assets, primarily stablecoins like USDT and USDC, to accrue interest and participate in the governance of the Vires Decentralized Autonomous Organization (DAO). In March 2022, Alameda invested approximately $80 million in these two stablecoins on this platform. Here’s a breakdown of their key details:

According to the latest disclosure, these deposits were subsequently transformed into approximately $90 million’s value of USDN, a different stablecoin utilized within the platform.

In the recent legal action, Alameda alleges that Ivanov intentionally manipulated both Waves and Vires to create an artificial increase in the value of the Waves token.

According to Alameda, while Ivanov was publicly touting the platform as a unique chance for massive earnings, he also allegedly orchestrated a secret and simultaneous action that involved transferring funds from the Vires platform, as suggested by Alameda’s claims.

It’s possible that the primary cause of the lawsuit was the poor communication between Alameda and Ivanov.

As stated in the court document, Alameda claims they’ve made numerous efforts to retrieve their possessions. Yet, Ivanov persistently refuses to interact with them, agreeing to just a single meeting in January 2023 and disregarding all subsequent attempts at contact.

A Wave of Legal Actions

In addition to suing Ivanov, Alameda’s action is part of a series of steps being taken to recover funds on behalf of FTX’s creditors. Currently, the FTX estate has initiated more than 20 lawsuits with the goal of assisting creditors in a similar manner.

At the other side of these lawsuits are well-known figures and entities like Anthony Scaramucci, CEO of SkyBridge Capital, and the creators of the game Storybook Brawl, along with several others.

It’s worth noting that the ongoing lawsuit could potentially be affecting WAVES negatively. Over the past day, the token’s value has decreased by approximately 0.3%, bringing it down to roughly $1.12.

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2024-11-11 14:07