Waves Labs Lost 97% Of Its Value In A 6-Month Cyberattack Last Year

During an interview, Sasha Ivanov, the founder of Waves, expressed that Waves Labs experienced a security breach the previous year, resulting in the destruction of valuable corporate data and significant financial damages. The hackers managed to infiltrate Waves’ management software system and made an attempt to extort money from the struggling blockchain company.

Waves Labs Lost 97% Of Its Value In A 6-Month Cyberattack Last Year

In a recent interview, Sasha Ivanov, the founder of Waves (also known as Aleksandr Ivanov), disclosed a significant breach that occurred at Waves Labs last year, resulting in the destruction of corporate data and substantial financial losses. The incident involved hackers infiltrating Waves’ management software system and attempting to extort money from the struggling blockchain firm.

During the interview, Ivanov shared chilling details from the cybercriminals, who claimed to have maintained access to the system for six months. The hackers brazenly asserted their knowledge of sensitive information and demanded payment.

Ivanov refrained from disclosing the exact financial losses caused by the breach and withheld information regarding the stolen data. Expressing concern, he acknowledged the severity of the situation and admitted that further financial losses might be incurred.

Additionally, the breach raised the potential risk of exposing user information through the compromise of Wave’s internal systems. When questioned about the delay in informing the Waves community after the incident became public in December, Ivanov responded cryptically, mentioning previous experiences without providing specifics. He also speculated that the stolen funds might have been laundered through a centralized exchange, although he did not name the specific platform.

This recent revelation adds another chapter to the ongoing Waves saga, a layer 1 blockchain platform previously referred to as the “Russian Ethereum,” which reached a market valuation of $5.6 billion in April 2022.

The network continues to grapple with the aftermath of an alleged theft on its lending protocol, Vires Finance, in April 2022. This incident resulted in investors losing over $530 million, representing a 97% decline in value. Many individuals who suffered financial losses have accused Ivanov of orchestrating the scheme, a claim he vehemently denies.

To access more crypto news: cryptodataspace.com