Alameda Research has filed a lawsuit to recover $90 million in assets deposited on the Vires.Finance platform by FTX debtors.
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 affiliated entities. The complaint requests the recovery of assets that were deposited on the Vires.Finance platform.
Alameda Is Seeking a Return of $90 Million in Assets
Alameda Research has declared that it is requesting the return of approximately $90 million in assets that were previously located on the Vires.Finance platform and belonged to debtors in the FTX bankruptcy process.
In March 2022, Alameda deposited approximately $80 million in USDT and USDC, which was subsequently converted to USDN on the Vires platform, according to the court filing.
By permitting users to accumulate governance rights and rewards through asset deposits, the Vires platform, which ran on the Waves Blockchain, served as an incentive.
Ivanov is purportedly involved in covert transactions to artificially inflate the value of the WAVES coin and transfer funds from the Vires platform, despite the fact that he promoted Waves and the Vires platform with promises of high profits, according to Alameda.
The company acknowledged that it made numerous attempts to retrieve the sequestered assets; however, Ivanov only attended one meeting in January 2023 before declining to engage in any further communication.
Lawsuits Filed for Fund Recovery
FTX has recently filed more than 20 lawsuits to recover assets for creditors. Notable figures, including SkyBridge Capital CEO Anthony Scaramucci, Storybook Brawl game developers, and Deltec Bank President Jean Chalopin, are involved in these disputes.
An extensive legal conflict is underway at FTX to ensure that creditors’ claims are satisfied through the recovery of funds.
The price of WAVES coin has decreased by 0.3% in the past 24 hours, currently trading at $1.12. The market capitalization of the altcoin is $112.3 million. A value decline of up to 30% was precipitated by the delisting of Waves by Binance in June.
