Alameda Research, the trading partner of bankrupt cryptocurrency exchange FTX, has filed a lawsuit to recover $90 million in assets from Waves’ founder, Aleksandr Ivanov, and related entities. The lawsuit aims to retrieve assets that were deposited on the Vires.Finance platform.
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Alameda Seeks Return of $90 Million in Assets
Lawsuits Filed for Fund Recovery
Alameda Seeks Return of $90 Million in Assets
Alameda Research has announced its demand for the return of approximately $90 million worth of assets that belonged to debtors in the FTX bankruptcy process. These assets were previously held on the Vires.Finance platform. According to the court filing, Alameda deposited around $80 million in USDT and USDC in March 2022, which was later converted into USDN on the Vires platform. The Vires platform, which operates on the Waves Blockchain, incentivizes users by allowing them to earn rewards and governance rights through asset deposits.
Alameda alleges that Ivanov promoted Waves and the Vires platform by promising high profits but engaged in secret transactions to artificially increase the value of the WAVES coin and transferred funds from the Vires platform.
The company stated that it made multiple attempts to recover the frozen assets, but Ivanov only participated in one meeting in January 2023 before refusing any further contact.
Lawsuits Filed for Fund Recovery
FTX has recently filed over 20 lawsuits to recover assets for creditors. These lawsuits involve notable individuals such as SkyBridge Capital CEO Anthony Scaramucci, Storybook Brawl game developers, and Deltec Bank President Jean Chalopin. FTX is involved in an extensive legal battle to ensure that creditors’ claims are met by recovering funds.
The price of the WAVES coin has decreased by 0.3% in the last 24 hours, trading at $1.12. The altcoin’s market capitalization is currently $112.3 million. In June, Binance delisted Waves, causing a 30% drop in its value.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
