DEX users panic after stablecoins vanished

Users of Waves DEX have constantly been complaining that they cannot withdraw USDT or USDC from the exchange.

Withdrawals of USDT and USDC appear to function fine on the Waves blockchain explorer, but customers are having trouble processing their transactions.

Investors in a panicky state want clarification

Sasha Ivanov, the founder of Waves and the administrator of Waves DEX, was frequently questioned on Twitter regarding customers’ balances, as some users were having trouble completing their transactions. But they still are waiting to hear back as he didn’t reply.

Looking at the Waves Bridge DEX, there appears to be a depletion of ethereum, USDC, and USDT. Although the location of the next storage facility for USDT and USDC is still being determined, evidence indicates that more than 58 million USDT and 31.5 million USDC are still in existence on the protocol, WAVES DEX

After the Waves Dex’s bitcoin and ethereum bridges were shut down, users rushed to withdraw their money from the exchange in whatever manner they could. Protos claimed last month that bitcoin was traded at $24,000 on the exchange. 

On-chain data reveals that a significant amount of USDT and USDC departed the DEX exchange over the last two months for wallets on Binance, and Waves DEX workers acknowledged that they occasionally withdraw USDT and USDC from their gateways to cold wallets.

Although Ivanov has always been incredibly evasive about the extent of his authority over the Waves blockchain network, he is in charge of most of its operations, including the algorithmic Neutrino stablecoin and the Waves DEX.

The Waves blockchain was initially intended to establish a decentralized financial system, but recently, concerns have been raised regarding Ivanov’s management of the exchange and Neutrino. His most recent declaration concerns the beginning of a DAO, which doesn’t appear to have anything to do with the management of the Waves network.

Waves DEX may have been storing and exchanging crypto deposits on Binance, but Protos could not corroborate this.

The Waves blockchain was designed to build a decentralized financial system, nevertheless. However, the manipulation of the interactions between Ivanov and Neutrino has recently been scrutinized.