Orhan 
Bankrupt FTX and its affiliate Alameda Research have launched an extensive legal battle to recover lost funds. This strategic move goes beyond the $90 million lawsuit filed against Waves founder Aleksandr Ivanov and represents a broader effort to secure debts owed to creditors.
Allegations Against Waves and Aleksandr Ivanov
According to the claims, Alameda is seeking the return of $90 million in assets invested into the liquidity platform Vires.Finance in 2022. The lawsuit accuses Ivanov of manipulating the Vires platform and carrying out improper transactions during this process.
Alameda alleges that after depositing USDT and USDC stablecoins into the Vires platform, it intended to convert these assets into USDN. However, the lawsuit claims that Ivanov inflated the value of Waves while highlighting the platform’s profit potential and secretly moved funds out of Vires.
Initially, Ivanov cooperated with the creditors in the bankruptcy process but later suspended the efforts, which led to the legal actions from Alameda to reclaim its assets.
Market Impact
Alameda and FTX’s efforts to reclaim assets are not limited to Ivanov. Similar lawsuits have been filed against various individuals and organizations, including SkyBridge Capital, led by Anthony Scaramucci, Storybook Brawl game developers, and Deltec Bank President Jean Chalopin. These lawsuits aim to secure investors’ assets and minimize the damage caused by FTX’s bankruptcy process.
In the wake of these developments, the Waves token has seen a 0.3% decrease, after previously losing 30% of its value following its removal from the Binance platform. The impact of these lawsuits on the value of Waves and other tokens will be crucial for investors’ future expectations.
This lawsuit process may have broader implications, not just for Alameda and FTX’s ecosystem but also for the wider cryptocurrency market.