Blockchain experts have emphasized the complexity of FTX and Alameda’s financial issues as a result of their “aggressive legal strategy” in suing over 20 entities for funds.
Alameda Research initiated litigation against Aleksandr Ivanov, the originator of Waves, as part of its ongoing legal strategy to retrieve cryptocurrency assets.
According to a court filing on November 11, the trading branch of the insolvent FTX exchange is seeking to recoup a minimum of $90 million in digital assets from Waves.
Alameda Research deposited $80 million in USDt to the Waves-based decentralized liquidity protocol, Vires.Finance, in March 2022.
On November 11, 2022, FTX declared insolvency, resulting in losses of more than $8.9 billion for its investors and users. One of the most bleak periods in the history of cryptocurrency was the period following the collapse of the FTX exchange and its 130 subsidiaries.
United States prosecutors filed criminal complaints against Bankman-Fried, which resulted in his arrest in the Bahamas on December 12, 2022. His extradition to the United States occurred in January 2023. On March 28, the federal court sentenced Bankman-Fried to 25 years in prison.
Alameda’s most recent lawsuit is a component of a more extensive endeavor to recover funds from numerous entities.
According to blockchain expert and author Anndy Lian, Alameda and the FTX estate have filed lawsuits against more than 20 entities this year as part of a “aggressive legal strategy” that emphasizes their financial difficulties.
He disclosed to Cointelegraph: “In my opinion, the allegations against Ivanov suggest the possibility of misconduct, including the diversion of funds and the inflation of the WAVES token’s value. The ongoing challenges of transparency and accountability within the crypto industry are underscored if these claims are verified.”
According to Lian, these legal actions are essential for stakeholders to potentially reclaim lost assets. He also noted that the FTX case may establish a precedent for future crypto regulations.
According to Moe Vela, a former senior adviser to US President Joe Biden and senior adviser to Unicoin, the crypto industry must prioritize education over regulation in order to prevent the next FTX-like collapse.
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