Hack history / 2022 / Fraud
Vires Finance
Fraud on Apr 1, 2022 · Unknown
SOURCES DISAGREE ON DATE OR LOSS · 2 SOURCES
Lost
$530M
dollars at the time
Returned
none listed
as the sources state it
Rank
not ranked
collapses, frauds and later news are not ranked
What happened
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.
Details
- Date
- Apr 1, 2022
- Kind
- Fraud
- Method
- Unknown
- How in
- Insiders: rug pulls, frauds, collapses
- Target
- not stated
- Chains
- not stated
Reported by
Related incidents
BitKeep 2022 · Hack or exploit · $9M
Solana 2022 · Hack or exploit · $8M
sDAO 2022 · Hack or exploit · $13K
SEAMAN 2022 · Hack or exploit · $7K
Overnight Finance 2022 · Hack or exploit · undisclosed
Solana 2022 · Hack or exploit · $8M
sDAO 2022 · Hack or exploit · $13K
SEAMAN 2022 · Hack or exploit · $7K
Overnight Finance 2022 · Hack or exploit · undisclosed
Cite this page
SwanBluechip, "Vires Finance fraud, Apr 1, 2022: $530M lost", Crypto hack history, https://swan-hack-tracker.pages.dev/history/i/ht2bcb7f302c/ (data as of 2026-10-31).