Waves Founder Accuses Alameda Research of Manipulating the Project Token
Main page News, Altcoins

Waves Platform CEO and founder Alexander Ivanov has said Alameda Research is manipulating the price of WAVES and has set up a FUD campaign to panic sell the asset.

Last month, the project's native token hit its all-time high at $61.3, registering a 234.3% increase.

Ivanov attributed this rise to the opening of a US office and the release of a new roadmap, which led to an increase in demand for WAVES as well as in the total value locked (TVL) in the DeFi ecosystem.

Later in the month, Ivanov identified a growing number of users who had doubts about the continuation of the rally in WAVES and intended to open shorts. The capstone was the posting of a user under the nickname 0xHamz with paid trolls among his subscribers.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

The "anonymous vigilante," as Waves' CEO called him, said that USDC/USDT loans at 35% on Vires.Finance had been used to stimulate WAVES' growth. This, in turn, is needed to expand the issuance of the cryptocurrency USDN (which makes Waves and USDN related to UST and LUNA in the Terra project), which was used as collateral in the protocol.

The anonymous user said the repetition of such actions gave the mechanism the properties of Ponzi schemes.

Ivanov has called the arguments presented as an attempt to turn the loan into a "crime." He has also doubted that the amount of several million dollars could influence the price of an asset with a trading volume of more than $1 billion, as his opponent's thread might imply.

The statements by 0xHamz led to the withdrawal of liquidity from Vires.Finance funds.

Ivanov subsequently discovered an address associated with Alameda Research had borrowed more than 631,478 WAVES through Vires.Finance at 19.97% per annum.

Read also:
Please describe the error