Users of the decentralized virtual currency exchange Waves report that they have no opportunity to withdraw USDT and USDC because the WAVES DEX ethereum bridge is no longer liquid.
For example, 0x6871EaCd33fbcfE585009Ab64F0795d7152dc5a0 has only 168 USDT. History of Waves
History of Waves Recent Issues
In December, there were rumors of a dilemma regarding the USDN algorithm stack coin and the Waves coin that guaranteed it. Since then, USDN has deviated significantly from its peg to the US dollar and is currently trading at $0.3.
Subsequently, Waves founder Sascha Ivanov has stated that he will release a new, bulkier stablcoin. Similarly, he is aware of the liquidity challenge and posted a tweet on his Twitter yesterday asking for a way to place in the liquidity pool with significantly higher returns of up to 100%. As liquidity increases, returns decrease, he said.
Sascha is using Twitter to ask his followers to participate in a filthy contest to make easy money, but nearly all interested Waves users and USDN owners have called law enforcement and associated him with Sam Bankman-Fried.
Time will tell how the Waves situation develops in the future. However, it must be remembered that most correct commitments to the placement of funds indicate that, in principle, the organization has liquidity problems, collection methods, and the potential for failure.
On another occasion, it is appropriate to recall the crypto adage: “Whose key means this this. Do not store cryptocurrencies in centralized exchanges. Do not place cryptocurrencies in lending protocols, bridges, pharming services, and other spaces that offer above-market returns.
With the lessons of FTX and Alameda in mind, all cryptocurrency services should be approached with suspicion. Cannot read all totals.