Alameda Research, operating as the trading arm of the bankrupt cryptocurrency exchange FTX, has initiated significant legal proceedings against Aleksandr Ivanov, the founder of Waves blockchain platform and its associated entities.
The lawsuit, filed on Sunday, seeks to recover a substantial sum of at least US$90 million, representing assets owned by debtors in the complex Alameda and FTX bankruptcy cases.
This legal action marks another major development in the ongoing effort to recover funds following the spectacular collapse of the FTX empire, with Alameda specifically targeting assets that were previously deployed on the Waves ecosystem through its Vires.Finance platform.
Transaction Details and Asset History
The lawsuit’s core focus centers on a series of transactions that occurred in March 2022, when Alameda deposited approximately $80 million in stablecoins – specifically USDT and USDC – onto the Vires platform.
According to the court documents, these deposits were subsequently converted into roughly $90 million worth of USDN, Waves’ native stablecoin.
This conversion and the subsequent handling of these assets form the foundation of Alameda’s legal claims, highlighting the complex web of cryptocurrency transactions that preceded FTX’s collapse.
The filing details how Vires.Finance operated as a liquidity platform on the Waves blockchain, offering users rewards, interest, and governance rights in the Vires DAO in exchange for their deposits.
Allegations of Market Manipulation
The lawsuit presents serious allegations against Ivanov’s conduct in managing the Waves ecosystem.
According to Alameda’s filing, while Ivanov publicly marketed Waves and Vires as profitable opportunities for lenders and users, he was allegedly orchestrating behind-the-scenes transactions that artificially inflated WAVES’ value while simultaneously diverting funds from the Vires platform.
These accusations suggest a calculated scheme that potentially compromised the integrity of both the platform and its users’ assets.
The filing further emphasizes the contrast between Ivanov’s public representations of the platform and his alleged covert activities, painting a picture of systematic market manipulation.
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Recovery Efforts and Broader Context
The lawsuit reveals multiple attempts by Alameda to recover its frozen assets, including a January 2023 call with Ivanov that proved unproductive.
Despite initial engagement, the filing states that Ivanov has subsequently ignored all further recovery efforts by the debtors, necessitating this legal action.
This lawsuit is not occurring in isolation – it is part of a broader recovery campaign by the FTX bankruptcy estate, which has filed more than 20 lawsuits against various entities in recent days.
This aggressive legal strategy demonstrates the estate’s determination to recover funds for creditors, with the Waves case representing one of the more significant actions in this ongoing effort to restore assets to affected parties.