PANews reported on November 11 that according to The Block, Alameda Research, a trading subsidiary of the bankrupt crypto exchange FTX, has filed a lawsuit against Aleksandr Ivanov, the founder of Waves and its affiliated entities, in an attempt to recover at least $90 million. Alameda said in a filing on Sunday that it seeks to transfer $90 million worth of assets owned by debtors in the Alameda and FTX bankruptcy cases, adding that Alameda had previously deposited these assets on Vires.Finance, a liquidity platform operating on Waves.

According to the documents, in March 2022, Alameda deposited approximately $80 million in USDT and USDC on Vires, which were allegedly exchanged for approximately $90 million worth of USDN. Vires users were encouraged to deposit their assets into Vires through the Waves blockchain to earn rewards or interest and gain governance rights in the Vires DAO. Alameda stated: "While Ivanov marketed Waves and Vires as an opportunity for lenders and other users to make lucrative profits, Ivanov secretly orchestrated a series of transactions that artificially inflated the value of WAVES while siphoning funds away from Vires." Alameda noted that the debtor "made multiple attempts to regain custody of the frozen assets" and that Ivanov "agreed to participate in a call with the debtor in January 2023." However, the documents allege that Ivanov has since ignored all other efforts of the debtor.

Over the past few days, the FTX bankruptcy estate has filed more than 20 lawsuits against various entities in an effort to recover funds from creditors.