On November 12, 2024, Alameda Research filed a lawsuit against Aleksandr Ivanov, founder of Waves, seeking to recover approximately $90 million in assets. This legal action is part of Alameda's efforts to repay creditors impacted by the FTX collapse in 2022.
Alameda alleges that Ivanov and his companies engaged in fraudulent activities leading to substantial losses. The firm claims it deposited around $80 million in stablecoins with Vires.Finance, a platform within the Waves ecosystem, only to have those assets trapped due to alleged mismanagement.
The lawsuit details how Ivanov purportedly manipulated the WAVES token's value and diverted funds from Vires, resulting in a 95% drop in the token's market cap and $530 million in losses for users. Alameda claims Ivanov threatened to freeze their assets unless they provided financial support to Waves and Vires.
Since FTX's bankruptcy filing, Alameda has struggled to recover its assets, with Ivanov reportedly ignoring multiple outreach attempts. The lawsuit also seeks damages for violations of the Bankruptcy Code, including fraud.
In response to these developments, Ivanov has dissolved the legal entities associated with Vires and Waves, raising concerns about fund recovery. Alameda Research retains the right to amend its complaint as new information emerges.
As of the latest market update, FTX's native token FTT is trading at $2.067, reflecting a 10% increase in the past 24 hours, driven by a broader market uptrend led by Bitcoin (BTC).