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Waves Founder Reveals Cutting-Edge Hack to Revolutionize the Blockchain Industry

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ByMarcel Bich

Jul 27, 2023
Waves Founder Reveals Blockchain Hack
Marcel Bich
Latest posts by Marcel Bich (see all)

The creator of the Waves cryptocurrency ecosystem, Alexander Ivanov, said that hackers breached his blockchain last year and stole internal data, resulting in losses. He stated this during a conversation with DL News.

The intruders, according to him, got into Waves’ software management system and attempted to extort money from the stranded business. Ivanov did not, however, go into detail regarding the stolen data or the monetary losses incurred as a result of the incident.

Here’s what Ivanov added:

“The situation was fairly dire. We may have suffered far greater financial harm.”

When opening accounts on Wave Exchange, customers had to enter personal information including names and email addresses, which put the firm at risk of data theft.

When questioned about why Ivanov did not inform the ecosystem community about the attack once it was discovered in December, he declined to comment, pointing out that the business has previously dealt with similar circumstances. Although he failed to specify which exchange, he implied that the hacker was attempting to withdraw stolen money through it.

The Crisis at Waves

The algorithmic stackcoin (USDN) used in the neutrino ecosystem, which is collateralized by WAVES tokens, has lost its peg to the dollar many times over the past year. In the winter, when the token price fell 48% to $0.52, Waves had its greatest token decrease. This happened after the Upbit exchange in South Korea labeled stablecoin as a hazardous asset. Ivanov later asserted that the airdrop will result in the distribution of a new POWER token to USDN holders.

After many detentions from the U.S. dollar last year, USDN has nevertheless kept losing ground. The stablecoin is now trading at $0.03294, even though its price should be set at one dollar.

Ecosystem Revival

Ivanov made an announcement on a proposal to resuscitate USDN and restart the ecosystem during the Waves crisis. The Proof-of-Stake method would enable the ecosystem to accomplish 1,000 transactions per second while retaining complete decentralization, according to the ecosystem plan known as Waves 2.0 for 2023. This capability hasn’t been used, yet, as of yet.

Later, Ivanov gave up on his attempts to develop a fresh stablecoin. The project team will put its attention on the current algorithmic token project instead. The specifics of how the Neutrino Index coin was developed, however, are not given.

 
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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.