{"id":59584,"date":"2022-04-05T09:36:46","date_gmt":"2022-04-05T06:36:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=59584"},"modified":"2025-09-04T22:40:15","modified_gmt":"2025-09-04T19:40:15","slug":"waves-founder-accuses-alameda-research-of-manipulating-waves-token","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/waves-founder-accuses-alameda-research-of-manipulating-waves-token\/","title":{"rendered":"Waves founder accuses Alameda Research of manipulating WAVES token"},"content":{"rendered":"<p>The CEO and founder of Waves Platform, Alexander Ivanov, accuses Alameda Research of manipulating the WAVES price and organising a <span data-descr=\"Fear, Uncertainty and Doubt \u2014 Fear, Uncertainty and Doubt\" class=\"old_tooltip\">FUD<\/span>-campaign to trigger panic selling of the asset. FTX CEO and founder of Alameda Research Sam Bankman-Fried called such claims \u201ca poorly crafted conspiracy theory.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Get your popcorn ready: <a href=\"https:\/\/twitter.com\/AlamedaResearch?ref_src=twsrc%5Etfw\">@AlamedaResearch<\/a> manipulates <a href=\"https:\/\/twitter.com\/search?q=%24waves&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$waves<\/a> price and organizes FUD campaigns to trigger panic selling. <\/p>\n<p>I hope I caught your attention. Follow me.<\/p>\n<p>\u2014 Sasha Ivanov \ud83c\udf0a (1 \u279d 2) (@sasha35625) <a href=\"https:\/\/twitter.com\/sasha35625\/status\/1510589946926673920?ref_src=twsrc%5Etfw\">April 3, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">obv bullshit conspiracy theory<\/p>\n<p>\u2014 SBF (@SBF_FTX) <a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1510685533705547783?ref_src=twsrc%5Etfw\">April 3, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In March the native token <a href=\"https:\/\/www.coingecko.com\/en\/coins\/waves\">updated<\/a> its historical high near $61.3, rising 234.3%. Ivanov linked this to the opening of a US office and the publication of a new roadmap, which spurred demand for WAVES and increased <a href=\"https:\/\/defillama.com\/chain\/Waves\"><span data-descr=\"Total Value Locked\" class=\"old_tooltip\">TVL<\/span> in the DeFi ecosystem<\/a>.<\/p>\n<p>In the latter part of March, Ivanov noted a growing number of people who doubted the continuation of the WAVES rally and intended to open shorts. The culmination was a post by a user under the handle 0xHamz with paid trolls among his followers.<\/p>\n<p>\u201cAnonymous lynch-mob,\u201d as the Waves CEO described him, <a href=\"https:\/\/twitter.com\/0xHamz\">stated<\/a> that WAVES growth was stimulated by borrowings in USDC\/USDT at 35% on Vires.Finance. This, in turn, was necessary to expand the issuance of the USDN stablecoin (which links Waves and USDN with UST and LUNA in the <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-terra-luna\">Terra project<\/a>), which was used as collateral in the protocol.<\/p>\n<p>Repeated repetition of such actions, as the detractor claimed, endowed the mechanism with Ponzi-scheme-like properties. The algorithm has limitations and vulnerabilities \u2014 when the WAVES price falls, the USDN stablecoin loses its peg, and the ecosystem faces an \u201cArmageddon\u201d, 0xHamz said.<\/p>\n<div class=\"wp-block-text-wrappers-update article_update\"><span class=\"gtb_text-wrappers_update_head\">Update: <br \/><\/span><\/p>\n<p>On April 2, USDN lost its peg to USD; on April 5 the asset traded below $0.75 on the BITTREX exchange.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"592\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/rxE6ND83-1-1024x592.png\" alt=\"Waves founder accuses Alameda Research of manipulating the project's token\" class=\"wp-image-169227\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/rxE6ND83-1-1024x592.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/rxE6ND83-1-300x174.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/rxE6ND83-1-768x444.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/rxE6ND83-1-1536x889.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/rxE6ND83-1.png 1566w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Daily USDN\/USD on the BITTREX exchange. Data: <a href=\"https:\/\/www.tradingview.com\/x\/rxE6ND83\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>Ivanov described the arguments as an attempt to declare borrowings \u201ccriminal.\u201d He also doubted that a few million dollars could influence the price of an asset with a daily trading volume above $1 billion, as suggested in the thread by his opponent.<\/p>\n<p>Statements by 0xHamz led to liquidity withdrawals from Vires.Finance pools. Someone contacted the team for a loan of 1 million WAVES (presumably to open a short). The company declined \u201con ideological grounds.\u201d<\/p>\n<p>Subsequently, Ivanov noted that an address linked to Alameda Research (3PHkZUJpS3AfmnXBNLCBmpqL25GJZb1hGiE) borrowed more than 631,478 WAVES (~$30.98 million) through Vires.Finance at an annual rate of 19.97%.<\/p>\n<p>Since March 20 the account has been redirecting borrowed tokens to Binance to sell them and form a dump. The transactions coincided with the FUD organized by 0xHamz, Ivanov emphasized.<\/p>\n<p>According to the Waves CEO, the initial manipulation triggered the WAVES rally on FTX. For Ivanov this came as a surprise \u2014 from Bloomberg he learned of a substantial top-up to the exchange wallet with the wrapped version of the asset on Ethereum. The project, however, had no business with FTX and previously refused a $1.5 million fee for the integration.<\/p>\n<p>According to Ivanov, Alameda Research&#8217;s subsequent \u201cshort\u201d proved extremely unsuccessful due to further growth in the asset. As a result, to exit they allegedly organised the scheme described above.<\/p>\n<p>In December 2021, FTX <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-outlines-proposals-for-regulating-the-crypto-industry\">published<\/a> an article outlining its view of fair regulation of the digital assets market. <\/p>\n<p>On December 8 in the US House of Representatives, hearings were held on the topic <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-congress-to-discuss-cryptocurrencies-with-industry-executives\">\u201cDigital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation\u201d<\/a>. Among the participants was Bankman-Fried.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CEO and founder of Waves Platform Alexander Ivanov accused Alameda Research of manipulating WAVES price and organising a FUD campaign to trigger panic selling of the asset. FTX CEO and founder of Alameda Research Sam Bankman-Fried called such claims &#8216;a poorly crafted conspiracy theory&#8217;.<\/p>\n","protected":false},"author":1,"featured_media":59585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1236,1145,290],"class_list":["post-59584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ftx","tag-market-analysis","tag-waves"],"aioseo_notices":[],"amp_enabled":true,"views":"39","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=59584"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59584\/revisions"}],"predecessor-version":[{"id":59586,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59584\/revisions\/59586"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/59585"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=59584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=59584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=59584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}