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Alameda Research, part of the bankrupt FTX crypto exchange, is suing Waves founder Aleksandr Ivanov, to recover $90m of digital cash after alleging he manipulated the value of Waves tokens. Alameda had invested $80m in USDt and USDC into data management system Vires.Finance. The subsequent bankruptcy of FTX in November 2022 led to losses of around $8.9b, with founder Sam Bankman-Fried sentenced to 25 years as a result. Alameda has also filed suits against 20 other companies in a bid to recoup losses. This suit could set a precedent for future cases.

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Alameda Research, the trading part of the now bankrupt FTX crypto exchange, is suing Aleksandr Ivanov, the guy who founded Waves. They’re trying to get back at least $90 million worth of digital cash from Waves, as they stated in a court filing back in November.

Earlier in March, Alameda had invested $80 million in USDt (USDT) and USD Coin (USDC) into Vires.Finance, a financial system based on Waves. They’re claiming that Ivanov secretly manipulated the worth of Waves tokens, seriously hurting their financial state. So now they’re trying to get this back by suing him.

When FTX went bankrupt in November 2022, it was a disaster for many in the crypto world, causing roughly $8.9 billion in losses. This was felt by users and investors, and was one of the worst times in the history of cryptocurrencies. Sam Bankman-Fried, the founder of FTX, now very much on the wrong side of the law, got arrested in the Bahamas just over a month later. He ended up getting sentenced to 25 years in jail in March.

Apart from this lawsuit, Alameda has been on a mission to get back what they’ve lost from a bunch of other places, too. They’ve filed lawsuits against more than 20 companies this year in an effort to bounce back from their financial troubles. This lawsuit might just establish rules for how similar cases are handled in the future.

After FTX’s bankruptcy, experts agree that people in the crypto world need to learn more about how to manage their assets before getting into trading. Moe Vela, a former advisor to President Joe Biden and now working with Unicoin, believes learning about finance and risk management is the key. He believes that education equals power, and we won’t have financial equality until people know how to handle their money better.

Recently, FTX proposed to pay back billions to the users of the bankrupt exchange who’ve been unable to access their funds since November 2022. Let’s hope that helps.