Big $WAVES Proof-of-Scam thread

I have gotten a lot's "Proof???" replies lately on my accusations about the shady stuff that is happening on $WAVES, so I decided to document all proof in one thread. Will keep on adding, DM me if you have intel!

Let's go! 🧵
0) Addresses that I tracked

Taken over by @sasha35625:

3PJgfXqEJNF6ZMnKRuvFQcxr58CYZDzTw1c
3P5TkQBU68n6YMiiA8zEVSVqwhLcqNYVBFW
3PPuzqQC4bHxWitTyndySGcaMzHHNGipQns
3PEEsRmcWspCxhKqobvKY3axW1846AMRwzr
3PKTUn4QkYaD9CJ1f9uXjCn8Ze2tsTevw2Z
3PMUTKMtJxfG5pWZYwRcabnP16HYqo4fYK7
Other addressess belonging to insiders:

3P5TkQBU68n6YMiiA8zEVSVqwhLcqNYVBFW
3PNWjCoZuFyKDz5tvb2YcU5LtcDyyUAxaSh
3PJPB48E2pFPmFz6z5AjmVq4G84Y4z4P6nF
3P87zrU6UmJq7wEZz84Fm9PJXr9tLGfEwPB
1) Vires Finance bad debt was an insider job

Proof: @sasha35625 bought 5M USDN on April 6th and tweeted about. The only wallet that made a 5M buy that day was later used by one the whale wallets to repay some of the bad debt.

More indirect evidence:

- USDN is hard coded at 1$ with an LTV of 90% which are incredibly loose parameters. For over 2 months there was aggressive borrowing of stables against USDN on @viresfinance . Team didn't intervene. They should have known this was a major protocol risk.
- $WAVES price did an 8x because of the excessive minting of USDN. Insiders profited heavily.

- Right before @sasha35625 announced the vote to take over the whale wallets, the USDN collateral of these wallets was withdrawn up until a bare minimum.

- The whales had enough $VIRES tokens to turn the vote about their own assets around, but they didn't vote

2) Ahead of the big $WAVES 1>2 announcement, insiders levered up on $WAVES

Wallet 3PNW and 3PJP borrowed 44M on @viresfinance and sent it to Binance in the first days of Feb. In the same period, wallet 3PEE&3PJP received 4.7M WAVES from Binance. Feb 10th $WAVES 2.0 was announced
3) Vires Finance's bad borrowing parameters were abused to pump $WAVES price

After the $WAVES price didn't react to the announcement of $WAVES 2.0, a new form of manipulation was introduced. The whale wallets borrowed USDT/C on Vires, bought $WAVES on Binance and swapped it...
.. to USDN with zero slippage using @neutrino_proto. For every 1 USDN they put into Vires they could borrow 0.9 USDC/T with no risk of being liquidated because of the hard coded value of 1$/USDN.

From mid February to end of March 3P87 and 3PPu received 15.5M $WAVES from Binance.
3P87 swapped 18M $WAVES to 437M USDN. 3PEE, 3PPu and 3PMU borrowed at least 350M in USDC/T. Spending 350M to buy 16% of the $WAVES supply made the token price go up from under $10 to over $60. ImageImageImage
4) USDN was used to cash out from the pump

After @0xHamz revealed $WAVES as the biggest ponzi in crypto, stable coin liquidity vanished on Vires as lenders rushed to the exit. This meant the end of the pump & loop game.
Even though USDN depegged to under 80 cents at times in the subsequent days, @neutrino_proto swaps from $WAVES to USDN were used to cash out their $WAVES bags. 3P87 swapped 5.2M $WAVES for 215M USDN at an average price of 41,38 USDN/WAVES.

Now some speculation / very rough calculations. Adding all aforementioned trades from February to the beginning of April, we see the following flows:

In:
20.2M $WAVES
650M USDN

Out:
23.2M $WAVES
400M USDC/T
If we take a $10 $WAVES price (as it was when the manipulation started) and a 1$ USDN price, the trades could have netted them 650M-400M-(23.2M-20.2M*)10=220M!

The problem so far is that there is nowhere near enough demand to absorb these amounts of USDN.
5) Insiders prevent anyone but themselves from dumping USDN in the CRV pool

Due to pressure from Vires lenders, that have been dealing with withdrawal limits for two months, @sasha35625 'stood up' and confiscated the whale (his own) wallets.

Now that @sasha35625 has assumed the debt of the whales, he has a huge conflict of interest. Publicly AND privately he holds a huge amount of USDN while he has pledged to liquidate USDN to repay lenders. The liquidations are an existential threat to Sasha's private holdings.
He is quite clever tho, because he

- Pumped yields in the CRV pool with a 500k USDN bribe
- Bridged 25M USDN to eth
- Closed the bridge afterwards

He can now enjoooy all the CRV (exit) liquidity by himself!

6) Sasha siphoned 2.6M USDN off the wallet that is meant for repayments, and sent the proceeds to Tornado and other mixers

It has been 5 days since this happened and no comment was made about it by the team. This stuff will not look well in court...

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More from @YouAreMyYield

Aug 3
A lot has happened over the past weeks regarding $WAVES, $VIRES and $USDN. Let's dig in🧵👇
First of all, for background I refer you to my thread that covers everything that has happened this year:
Second of all, there are still people who call @sasha35625 heroic because he took on the bad debt on @viresfinance. Let's cut the crap, he is the 'mysterious whale' that made this mess in the first place and he took over his *own* accounts.
Read 12 tweets
Jun 5
1/ The implications of this are starting to become apparent as @usdn on $WAVES now trades 1 cent lower than on ETH. This happens because of the $USDN liquidations that are going on on $WAVES right now and the suspension of $USDN withdrawals to ETH.
2/ Sasha @sasha35625 is pretty much the only one that has $USDN on ETH to sell in the $CRV pool. He holds at least 98% of the $USDN supply on ETH (excluding $USDN on $CRV). Image
3/ He already started dumping about 1.9M into new depositors that were attracted by juicy yields on Convex. He paid a 500k bribe for these yields. ImageImageImageImage
Read 4 tweets

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