Originally published on: November 11, 2024
Alameda Research has taken legal action against Waves founder, Aleksandr Ivanov, in a bold move to recover digital assets. The trading arm of the bankrupt FTX exchange is on a mission to reclaim a minimum of $90 million from Waves, as per a recent court filing dated Nov. 11.
In a transaction dating back to March 2022, Alameda Research reportedly transferred $80 million worth of USDT and USDC to the Waves-based Vires.Finance liquidity protocol. However, the court filing alleges that Ivanov manipulated the value of Waves tokens, resulting in a loss for Alameda Research.
The fallout from FTX’s bankruptcy filing in November 2022, which caused massive losses exceeding $8.9 billion, has been dire for the industry. FTX’s founder, Sam Bankman-Fried, faced legal action and was ultimately sentenced to 25 years in prison in connection to the collapse.
In a bid to recover lost assets, Alameda Research and the FTX estate have initiated legal proceedings against over 20 entities this year. This aggressive legal approach highlights the financial hurdles both firms are navigating in the aftermath of the exchange’s downfall.
Blockchain expert Anndy Lian emphasized the importance of these legal actions in potentially restoring lost assets for stakeholders. Lian underscored the significance of the FTX case as a potential benchmark for future crypto regulations.
In light of the FTX saga, former White House senior adviser Moe Vela stressed the necessity for financial education within the crypto industry. Vela emphasized the need for risk management education to mitigate future crises similar to the FTX collapse.
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