An up-and-coming defi lending project called Vires Finance, which was based on the Waves protocol, offered high returns of 30–70% APY on stablecoins placed in the project. As with so many promises of huge returns, this one fell apart when wallets began siphoning millions of dollars from the protocol by putting up the Waves-based algorithmic stablecoin USDN as collateral, and then withdrawing stablecoins like USDC and Tether. When the USDN stablecoin later de-pegged, those with funds on Vires Finance were left with around $530 million in bad debt.Waves founder Aleksandr Ivanov blamed the withdrawals on outsiders. However, various crypto researchers believe they have identified Ivanov as the one behind wallets involved in the mass withdrawals. These allegations were later repeated by the FTX bankruptcy estate in an adversary lawsuit against Ivanov.

Total loss estimated at $530,000,000.