Originally published on: November 11, 2024
Alameda Research has taken legal action against Aleksandr Ivanov, the founder of Waves, in a bold move to retrieve crypto assets. The trading arm associated with the bankrupt FTX exchange is seeking to recover a substantial $90 million in digital assets from Waves, as outlined in a recent court filing.
The lawsuit revolves around a significant deposit made by Alameda Research in March 2022. The company invested $80 million worth of USDt and USD Coin into the Waves-based decentralized liquidity protocol, Vires.Finance. However, allegations suggest that Ivanov artificially inflated the value of Waves (WAVES) tokens, leading to this legal battle.
After the collapse of FTX and its subsidiaries, which resulted in massive losses for users and investors, the crypto industry faced a turbulent period. This turbulent time culminated in the arrest of FTX’s founder, Bankman-Fried, and subsequent legal actions taken by Alameda Research and FTX estate against multiple entities.
Anndy Lian, a blockchain expert and author, emphasized the importance of these legal battles in potentially recovering lost assets and setting precedents for future crypto regulations. In a similar vein, Moe Vela, a former senior adviser to US President Joe Biden, highlighted the necessity for financial education within the crypto industry to prevent future meltdowns like the FTX case.
The crypto industry continues to navigate challenges and opportunities, with Alameda Research’s latest lawsuit marking a significant step in the pursuit of justice and asset recovery. Stay informed with more insightful articles like this by subscribing to the Finance Redefined newsletter for the latest DeFi developments, expert analysis, and financial opportunities. Make smart decisions with confidence every Friday!
