As a seasoned crypto investor with a decade of experience navigating the turbulent waters of digital assets, I must say that watching the ongoing saga between Alameda Research and Aleksandr Ivanov unfold is like a rollercoaster ride without the fun part. The allegations levied against Ivanov are staggering, and if proven true, they paint a picture of manipulation, deception, and financial mismanagement that’s hard to ignore.
In an attempt to recoup around $90 million in assets and help settle debts owed to FTX’s creditors following its bankruptcy in 2022, Alameda Research – a trading firm linked with the failed cryptocurrency exchange FTX – has launched a lawsuit against Aleksandr Ivanov, founder of Waves.
Waves Founder Under Fire
On Sunday, I lodged a comprehensive grievance detailing the allegations against Ivanov, as well as associated entities Numeris Ltd. and DLTech Ltd. The accusation is that these parties have been involved in deceptive practices which have led to substantial financial setbacks for our organization.
According to Alameda, they placed approximately $80 million worth of stablecoins into Vires.Finance, a liquidity system functioning within the Waves network. Unfortunately, after this deposit, it appears that the assets are stuck due to Ivanov’s alleged mismanagement and questionable business practices.
The grievance details a sequence of transactions masterminded by Ivanov, which allegedly boosted the worth of the WAVES token in an unfair manner, and at the same time, channeled funds away from Vires. This manipulation reportedly caused the WAVES token to plummet by more than 95% of its market value, resulting in approximately $530 million in losses for users of Vires.
The legal case also alleges that Ivanov deceitfully influenced public opinion by pinning blame on Alameda Research for disrupting the Waves system, all while secretly trying to extort money from them.
As a crypto investor, I’m sharing a situation that recently unfolded in our community: I was informed that Alameda claimed Ivanov had threatened to freeze their assets unless they contributed financially to the Waves and Vires platforms. When Alameda declined to cooperate, it’s alleged that Ivanov exercised his influence over the Vires Decentralized Autonomous Organization (DAO) to restrict access to their funds.
Alameda Research Seeks Recovery Of $90 Million
As an analyst in November 2022, I noted that Ivanov openly admitted to depositing approximately $90 million in stablecoins as collateral for Alameda. However, it appeared he took actions to lock up those funds under the guise of securing repayment to FTX users.
After filing for bankruptcy, Alameda has faced challenges in retrieving its possessions. According to reports, Ivanov is said to have disregarded several efforts aimed at establishing communication.
The lawsuit seeks not only the recovery of the deposited assets but also damages related to violations of the Bankruptcy Code, including fraud and conversion of property. Alameda plans to pursue all avenues to recover additional assets that may have been transferred to Ivanov or his companies.
Following these recent events, it appears that Ivanov has disbanded the companies managing Vires and Waves, which fuels more speculation about the return of funds and transparency.
Alameda Research reserves the ability to modify their claim, which could broaden the focus of the legal action as new details emerge.
right now, FTX’s own token, FTT, is being exchanged for $2.067, marking a 10% increase over the past 24 hours as part of a wider market surge driven by Bitcoin (BTC).
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2024-11-12 09:12