Alameda Research, the trading arm of 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, The Block reported on January 11. Alameda said in a filing on Sunday that it seeks to transfer $90 million worth of assets owned by debtors in the bankruptcy of Alameda and FTX, adding that Alameda had previously deposited these assets on Vires.Finance, a liquidity platform operated on Waves. In March 2022, Alameda deposited about $80 million in USDT and USDC on Vires, which were allegedly exchanged for about $90 million worth of USDN, according to the documents. Vires users were encouraged to deposit assets into Vires via the Waves blockchain for rewards or interest and to gain governance rights over the Vires DAO. "While Ivanov marketed Waves and Vires as an opportunity for lenders and other users to make big profits, Ivanov secretly orchestrated a series of transactions that artificially inflated the value of WAVES while siphoning money from Vires," Alameda said. Alameda noted that the debtor "made numerous attempts to regain custody of the frozen assets" and Ivanov "agreed to participate in a call with the debtor in January 2023". However, the documents state that Ivanov has since ignored all other efforts by the debtor. In the past few days, FTX administrators have filed more than 20 lawsuits against various entities to recover creditors' funds.