Alameda Research Pursues $90 Million Asset Recovery

Alameda Research, associated with the defunct cryptocurrency exchange FTX, has initiated a legal action to reclaim $90 million in assets from Aleksandr Ivanov, the founder of Waves, and affiliated parties. This lawsuit aims to recover assets that were previously held on the Vires.Finance platform.

What Assets Are Being Reclaimed?

The lawsuit highlights that Alameda is seeking back approximately $90 million tied to debtors in FTX’s bankruptcy proceedings, originally deposited on the Vires.Finance platform. According to court documents, Alameda allocated around $80 million in USDT and USDC in March 2022, which was subsequently converted to USDN on Vires. This platform operates on the Waves blockchain and offered users incentives for asset deposits.

How Have the Legal Efforts Progressed?

Alameda contends that Ivanov promoted the Vires platform with enticing profit promises, yet allegedly engaged in clandestine transactions that inflated the value of the WAVES cryptocurrency. They reported multiple attempts to access the frozen assets, but Ivanov attended only one meeting in January 2023 before cutting off communication.

Numerous lawsuits aimed at asset recovery have emerged from FTX’s bankruptcy, with over 20 cases filed, involving prominent figures like SkyBridge Capital’s Anthony Scaramucci and Deltec Bank’s Jean Chalopin. The ongoing legal battles are crucial for ensuring creditors receive their due assets.

• Alameda Research targets $90 million in assets.
• Lawsuit claims deposits were converted on Vires.Finance.
• Alameda made several attempts to recover funds.

Currently, the WAVES cryptocurrency has seen a slight decline of 0.3%, trading at $1.12, with a market capitalization of $112.3 million. Following Binance‘s decision to delist WAVES in June, the currency experienced a significant value drop of up to 30%.