FTX Launches $1.8B Legal Battle Against Binance as Alameda Pursues $90M Waves Recovery

FTX and its trading affiliate, Alameda Research, have launched new lawsuits in their ongoing effort to recover assets.

They have targeted major industry figures, including Binance’s former CEO Changpeng Zhao and Waves founder Aleksandr Ivanov.

FTX reportedly files a lawsuit against Binance

According to Bloomberg, FTX filed a lawsuit against Binance and CZ on Sunday, seeking to recover approximately $1.8 billion in assets.

The lawsuit alleges these funds were fraudulently transferred by Sam Bankman-Fried through a 2021 share repurchase agreement.

Binance sold a major share of around 20% in FTX’s international company and 18.4% in its US entity as part of the acquisition.

The news has impacted Binance’s native token, with BNB experiencing a nearly 2% decline, trading at $619.60.

Alameda’s pursuit of Waves assets

In a parallel legal action, Alameda Research filed a suit against Waves founder Aleksandr Ivanov. The company is attempting to recover $90 million allegedly stolen using the Vires Finance platform.

The lawsuit details how Alameda deposited approximately $80 million in USDT and USDC stablecoins with Vires in March 2022, which were subsequently converted to USDN, Waves’ native stablecoin.

The filing alleges Ivanov conducted covert transactions to artificially inflate WAVES token values while diverting funds. Despite attempts to recover the frozen assets, Alameda reports minimal communication from Ivanov, who has participated in only one call in January 2023.

These lawsuits represent just a portion of FTX’s extensive recovery campaign. In the past week alone, the estate has initiated more than 20 legal actions against various individuals and organizations. These efforts are part of a comprehensive strategy to reimburse stakeholders affected by FTX’s collapse.