Alameda Research files $90M ‘aggressive’ lawsuit against Waves founder
The post Alameda Research files $90M ‘aggressive’ lawsuit against Waves founder appeared on BitcoinEthereumNews.com.
Alameda Research filed a lawsuit against Aleksandr Ivanov, founder of Waves, as part of its ongoing legal strategy to recover crypto assets. The trading arm of the bankrupt FTX exchange is aiming to recoup at least $90 million of digital assets from Waves, according to a Nov. 11 court filing. In March 2022, Alameda Research deposited $80 million worth of USDt (USDT) and USD Coin (USDC) to the Waves-based decentralized liquidity protocol, Vires.Finance. The court filing alleges that Ivanov artificially inflated the value of Waves (WAVES) tokens. According to the complaint: “Ivanov secretly orchestrated a series of transactions that inflated artificially the value of WAVES, while at the same time siphoning funds from Vires. As the fraudulent scheme began to be uncovered, WAVES lost substantial market capitalization—losing over 95% of its value—and Vires users were saddled with $530 million in losses.” Alameda Research, court filing. Source: US Bankruptcy Court for the District of Delaware FTX filed for bankruptcy on Nov. 11, 2022, causing over $8.9 billion in losses for its users and investors. The period after the collapse of the FTX exchange and its 130 subsidiaries was one of the darkest times in crypto history. Bankman-Fried was arrested in the Bahamas on Dec. 12, 2022, after United States prosecutors filed criminal charges against him. He was extradited to the US in January 2023. Bankman-Fried was sentenced to 25 years in federal prison on March 28. Related: History of Crypto: The future of crypto exchanges, regulatory battles, and governance FTX and Alameda’s “aggressive legal strategy” highlights financial issues Alameda’s recent lawsuit is part of a wider effort to recoup funds from multiple entities. Alameda and the FTX estate have sued over 20 entities this year as part of an “aggressive legal strategy” that underscores their financial challenges, according to blockchain expert…
Filed under: News - @ November 11, 2024 10:27 pm