Technology

‘Russia’s Ethereum’ Loses Stablecoin Peg as Accusations of Ponzi Schemes Fly

Waves, a Layer 1 blockchain known as ‘Russia’s Ethereum’, has suffered a reversal of fortune as accusations Ponzi schemes and market manipulation fly in a wild week of action. Sam Bankman-Fried, the CEO of crypto exchange FTX, even got swept into the drama as one of Russia’s major crypto plays went sideways. The project’s native token WAVES began to surge a few days after Russia invaded Ukraine in February. This led to speculation that Russians were using the platform to circumvent Western sanctions after several of the nation’s banks were cut off from the Swift messaging system. WAVES soared 600% to an all-time high of $62 on March 31. During the same period, the market capitalization of Neutrino USD, Waves’ native stablecoin, nearly doubled to $900M.

Full story : ‘Russia’s Ethereum’ Loses Stablecoin Peg as Accusations of Ponzi Schemes Fly.

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