CandleFocus

Massive $500M Crypto Scam Exposed, Waves and Vires Finance Ripped Off Users

The crypto news highlights a major fraud involving Waves and Vires Finance, in which users were defrauded of $500 million. The founder of Waves, Sasha Ivanov, orchestrated multiple scams to manipulate the market and enrich himself, resulting in significant financial losses for users. The scams involved manipulating the price of Waves using an algorithmic stablecoin, liquidating short positions, forcibly converting stablecoins, closing gateways, and seizing assets from users. The fraud also affected Alameda Research, which lost $90 million.

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