FTX’s Alameda Research Sues Waves Founder to Recover $90 Million in Assets

Key takeaways

• FTX's sister trading company, Alameda Research, sued Waves founder Aleksandr Ivanov to recover $90 million in crypto assets.
• Alameda Research previously deposited about $90 million in USDT and USDC on Waves via a liquidity platform.
• The lawsuit is among over 20 suits filed over the past few days by the FTX bankruptcy estate against various firms to recoup funds.

Alameda Research Files a Lawsuit Against Waves

Alameda Research has filed a lawsuit against Waves, its founder, and affiliated entities in a bid to recoup millions of dollars worth of assets.

In a recent filing, the company requested that Waves and its founder disgorge $90 million in assets purportedly belonging to Alameda Research and FTX debtors.

According to the filing, Alameda Research had deposited assets through a liquidity provider called Vires.Finance that operates on Waves.

Notably, in March 2022, before the FTX fiasco, Alameda Research offloaded about $80 million in USDT and USDC on Vires. The filing stated that these funds had supposedly been converted to around $90 million in USDN.

The Vires team had encouraged users to deposit assets on the platform through the Waves blockchain to earn interest or rewards. Also, users who deposit funds via this route were promised governance rights in the Vires DAO.

Meanwhile, according to Alameda Research, the founder Aleksandr Ivanov promoted Waves and Vires as avenues for users and lenders to make substantial profits.

Contrary to the claims, Ivanov secretly championed several transactions that artificially increased the value of WAVES, the blockchain's native tokens. The founder also siphoned users' funds from Vires.

Further, the Alameda Research filing stated that debtors had attempted several times to regain custody of their funds frozen on Vires and Waves. The firm also stated that Ivanov only agreed to join one call with debtors in January last year. However, he has ignored other outreaches from the debtors.

FTX Attempts to Recoup Creditors' Funds

The FTX bankruptcy estate has filed about 25 lawsuits against several entities over the past few days. FTX is attempting to recover funds that were transferred to several entities by former CEO Sam Bankman-Fried while claiming the exchange was insolvent.

Some individuals mentioned in these lawsuits include the developers behind StoryBook Brawl, SkyBridge Captial CEO Anthony Scaramucci, Jean Chalopin, the chairman of Deltec Bank, etc.

The FTX estate also sued Nawaaz Mohammad Meerun, the exploiter who stole millions of dollars from FTX, seeking to claw back funds gained from manipulating the exchange.

The exploiter filed a bankruptcy claim with his personal details to recover $13 million frozen on the platform despite allegedly gaining hundreds of millions from FTX.

In its lawsuit against SkyBridge Capital and its founder, Anthony Scaramucci, FTX seeks to recover $100 million in investments. Bankman-Fried reportedly directly invests several investments into Scaramucci's properties and other funding and sponsorship ventures.

FTX seeks to reclaim $12 million from Bankman-Fried's sponsorship for the SALT conference and $55 million from investments in Scaramucci entities.

The lawsuit also demands payment of damages for breaching a contract by selling Bitcoin and Solana from a joint deal.

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