In 2022, the DeFi protocol Vires Finance on the Waves blockchain suffered losses exceeding $530 million, with its founder Sasha Ivanov facing allegations of fraud. Research suggests that his wallet may have been linked to the outflow of funds, though Ivanov has denied all accusations, calling them “baseless rumors.” The incident had major market and legal repercussions—Waves' native token (WAVES) plunged by 95%, and the stablecoin USDN also sharply depegged. Investors including Alameda Research and Avraham Eisenberg have filed lawsuits against Ivanov in efforts to recover their losses, with legal proceedings still ongoing.