The Defiant - Waves’ USDN Stablecoin Loses Peg as Accusations of Ponzi Schemes Fly

in blockchain •  3 years ago 

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Allegations of ponzi schemes and market manipulation have set back the Waves blockchain.

Neutrino USD (USDN), the algorithmic stablecoin backed by WAVES tokens, lost its peg to the US dollar.

Waves was called "the biggest ponzi in cryptocurrency" in a tweet by 0xHamz, a crypto investor with 16,000 followers on Twitter.

The team of Waves is alleged having purchased WAVES tokens with funds borrowed through Vires Finance, Waves' primary financing protocol, thereby artificially engineering a price spike.

Beware if you're holding WAVES or USDN coins!

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blockchain horror ponzi waves usdn stablecoin algorithmic peg
3 years ago by

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