Alameda Research Requests Repatriation of 90 Million Worth of Assets

Alameda Research, the trading partner of the bankrupt
cryptocurrency
exchange FTX, has filed a lawsuit to reclaim $90 million in assets from Waves’ founder, Aleksandr Ivanov, and related entities. The complaint seeks the return of assets 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 announced that it demands the return of about $90 million worth of assets that belonged to debtors in the FTX bankruptcy process and were previously located on the Vires.Finance platform. The court filing indicated that Alameda deposited approximately $80 million in USDT and USDC in March 2022, which was later converted into USDN on the Vires platform. The Vires platform, operating on the Waves Blockchain, incentivized users by allowing them to earn rewards and governance rights through asset deposits.


Alameda claims that Ivanov promoted Waves and the Vires platform with promises of high profits but allegedly engaged in secret transactions to artificially inflate the value of the WAVES coin and transferred funds from the Vires platform.
The company noted that it made multiple attempts to recover the frozen assets, but Ivanov participated in only one meeting in January 2023 before rejecting all further contact.
Lawsuits Filed for Fund Recovery
Recently, the number of lawsuits filed by FTX to recover assets for creditors has surpassed 20. These lawsuits involve notable figures such as SkyBridge Capital CEO Anthony Scaramucci, Storybook Brawl game developers, and Deltec Bank President Jean Chalopin. FTX is engaged in an extensive legal battle to ensure creditors’ claims are met by recovering funds.
The price of WAVES coin has decreased by 0.3% over the last 24 hours, trading at $1.12. The
altcoin
‘s market capitalization stands at $112.3 million. In June,
Binance
delisted Waves, causing a drop of up to 30% 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 carry high volatility and therefore risk, and should conduct their own research.