Sasha Ivanov, the founder of the Waves blockchain, has spent the better part of four years living inside one of modern finance’s strangest afterlives: being pursued by the bankruptcy managers of a company that blew itself to pieces in 2022 and now has enough money to pay many creditors not just in full, but beyond full.
That is an odd sentence. It is also the whole problem.
Ivanov’s issue is an extreme version of a problem being faced by both debtors and creditors in South Africa’s business rescue system. That is, when the people supposedly doing the rescue delay and extend the process so much that the only organisation getting rescued is them.
In Ivanov’s telling, Alameda Research – the organisation…