As a seasoned crypto investor with a knack for navigating the turbulent waters of the digital asset market, I find myself both intrigued and dismayed by the latest developments involving Alameda Research and Sasha Ivanov. On one hand, it’s always troubling to see allegations of fraud and mismanagement in our industry, as they can erode trust and undermine the progress we’ve made.
In simpler terms, Alameda Research – a branch of the collapsed cryptocurrency trading platform FTX – has filed a lawsuit against Sasha Ivanov, the creator of the Waves blockchain, regarding approximately $90 million linked to Vires.Finance.
In simpler terms, Alameda Research – a related entity to FTX – has initiated a legal action against Sasha Ivanov, the founder of Waves, aiming to recover approximately $90 million in cryptocurrency that was previously deposited with Vires.Finance, a decentralized exchange on the Waves blockchain.
Based on a lawsuit filed on November 10th, Alameda Research transferred approximately $80 million in Tether (USDT) and USD Coin (USDC) to Vires.Finance in March 2022 for trading and investment purposes. This platform then converted these assets into around $90 million worth of USDN, a stablecoin issued by the Neutrino Protocol. However, USDN frequently deviated from the U.S. dollar‘s value, eventually leading to its rebranding as Neutrino USD (XTN). Since then, Neutrino USD has lost nearly all of its initial value, retaining only about 2% of its original worth.
As a crypto investor, I found myself drawn into Ivanov’s pitch for Vires, promising lucrative returns for lenders and users alike. However, unbeknownst to me, behind the scenes, he was meticulously arranging a sequence of transactions that inflated the value of WAVES artificially, all while stealthily draining funds from Vires.
Alameda goes after Waves founder
When the truth about the scheme was ultimately exposed, the price of WAVES dropped a staggering 95%. The lawsuit further states that Ivanov tried to point the finger at Alameda for causing instability within the Waves ecosystem as a means to “shift blame away from his part in the fraudulent activities.
As per the submitted documentation, Ivanov had promised to restore Alameda’s belongings with the intent of satisfying the creditors; however, he disregarded all attempts at contact and chose not to collaborate. The document further reveals that he dissolved the entities responsible for managing Vires.Finance and Waves.
The lawsuit comes just a few days after FTX filed a lawsuit to recover over $11 million from a Crypto.com account allegedly controlled by Alameda Research. The lawsuit alleges that Alameda opened the account under the name Ka Yu Tin (also known as Nicole Tin) as part of a broader practice of using shell companies and employee names to conduct crypto trades discreetly.
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2024-11-11 11:36