Subscribe To Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022
    Facebook Twitter Pinterest LinkedIn
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Bitcoin
    • NewsWire
      1. Latest News
      2. Top Stories
      3. Features
      4. What’s Hot
      5. Must Read
      6. Trending
      7. Spotlight
      8. Editors’ Picks
      9. View All

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      El Salvador’s Companies Barely Bother With Bitcoin

      March 19, 2022

      New Jersey legislation aims to prevent public officials from being gifted NFTs

      March 18, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Crypto’s Preferred Currency for Political Donations Isn’t Bitcoin. It’s Dollars

      March 19, 2022

      Meta Sued by Australian Watchdog Over Scam Crypto Advertisements

      March 18, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022

      Wall Street Reluctantly Embraces Crypto

      May 1, 2022

      Warren bill draws outcry over broad terms, but seems unlikely to pass

      March 20, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Russia-Ukraine War Is Bringing Out the Good, Bad, & Ugly of Cryptocurrencies

      March 18, 2022

      The ‘world’s most advanced’ digital human wants you to buy her NFT art

      March 15, 2022

      FTX crypto exchange wins license in Dubai to open regional headquarters

      March 15, 2022

      Crypto Startup Founded by Ex-Meta Employees Raises $200 Million

      March 16, 2022

      U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers

      March 15, 2022

      A Wall Street Quant Turns His Crypto Firm Into a Unicorn

      March 14, 2022

      Standard Chartered’s crypto custodian to help clients earn yield on token holdings

      March 14, 2022

      Man passing as UN affiliate convicted for crypto scheme

      March 18, 2022

      The Future of Crypto Is Boring — and Bright

      March 15, 2022

      Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

      March 15, 2022

      Binance Wins Crypto Licenses From Dubai, Bahrain

      March 15, 2022

      Why Bitcoin’s Environmental Problems Are So Hard to Fix

      March 16, 2022

      Americans Want Crypto From Their Banks

      March 15, 2022

      Why Decentralized Exchanges Are Important in the Crypto Economy

      March 10, 2022

      Binance plots M&A spree as regulators scrutinize crypto trading unit

      March 10, 2022

      Amid New Executive Order, White House Director Sheds Light On Crypto Policy

      March 16, 2022

      Bitcoin Evangelist Saylor Tells Economists Why They’re Wrong

      March 15, 2022

      Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid

      March 15, 2022

      Bitcoin’s scared of commitment, Mr. Biden

      March 15, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022
    • Altcoins
      • Ethereum
      • XRP-Ripple
      • Solana
      • Dogecoin
      • Cardano
      • Shiba Inu
    • Topics
      • Cryptocurrencies
      • Investments
      • Markets
      • NFTs
      • DeFi
      • ETFs
      • DAOs
      • Crypto Regulation
      • Metaverse
      • Blockchain & Web3
      • Blockchain Gaming
      • Crypto Exchanges
      • Crypto Mining
      • Stablecoins
      • Cybersecurity
      • Digital Currencies – CBDC
      • Crypto Book Reviews
      • Technology
      • Internet of Things
    • Opinions
    • Explainers
    • Press Releases

      Former Uber LatAm Head of Policy Leads Crypto Ride-Hailer Drife Toward Planned Global Expansion

      March 7, 2022

      European index provider for crypto assets Vinter raises $3.4m funding

      February 22, 2022

      PR – British crypto processor brings in $60 million for expansion in Europe

      January 25, 2022

      PR – CoinMENA obtains 2nd crypt0 license from European Union

      January 25, 2022

      NFT investment specialist looks to acquire Pluto Digital for £96m

      January 24, 2022
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Altcoins»‘Russia’s Ethereum’ Rejects Roots While Its Token Goes Parabolic
    Altcoins

    ‘Russia’s Ethereum’ Rejects Roots While Its Token Goes Parabolic

    By Muyao Shen
    March 12, 2022By Bloomberg4 Mins ReadNo Comments
    Facebook Twitter LinkedIn Pinterest Reddit WhatsApp Email Tumblr VKontakte Telegram
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email LinkedIn Tumblr Telegram

    The founder of a Russia-rooted blockchain project has revealed his Ukrainian background, after the price of his project’s token went parabolic — partly thanks to its association with Russia.

    In a volatile crypto market whipsawed by geopolitical tension, Waves, the native token of the Waves blockchain, has jumped by more than 170% in the past two weeks. Valued at more than $2.7 billion, the token is now the 51th largest cryptocurrency by market value, according to data on CoinGecko.

    Donate to RareHippo Now!

    Waves is best known as a public blockchain with strong links to Russian entities such as state-owned manufacturing giant Rostec and private bank Alfa-Bank after collaborations with the organizations.

    “The direct cause of Waves’ skyrocketing prices can be attributed to the Western nations’ Feb 27 statement to cut some Russian banks from the SWIFT message system,” said Peter Guo, a researcher at Hong Kong-based crypto investment firm Babel. “Some people could be rushing into Waves in response to potential economic sanctions and limited traditional payment channels.”

    A Google search shows interest in Waves has risen in the past few days, with many online references calling it Russia’s Ethereum.

    Waves founder Sasha Ivanov — formerly known online as Alexander Ivanov — told Bloomberg in an interview from Dubai that both he and the project have cut their relationships with Russia.  

    “Maybe people associate me with Russia, but I am actually Ukrainian,” said Ivanov, who claims to hold citizenship for both nations, adding that he lived in Ukraine until he was 17, and moved to Russia for school and work. He didn’t attribute the Waves price move to current events.

    “I don’t think there’s any connection between the situation in Russia and the current market action around Waves,” Ivanov said.

    Waves’ development team started moving out of Russia last summer, and the main office and the majority of the Waves staff have reloaded to Miami, Ivanov said. Some of the staff are also in Dubai and the Netherlands.

    The project debuted with a partnership with the Russian state-owned defense conglomerate and another with Alfa-Bank. Waves later distanced itself from Russia by selling its Vostok — Russian for East — brand in 2019 and registered the Waves brand in Switzerland.

    Russia’s invasion of Ukraine seems to have undermined the development at Waves, according to Ivanov, who pointed Waves’ price returns as a market reaction to a recent announcement of the project’s roadmap for 2022.

    “We had announcements about our plans for this year a couple of weeks ago and after that, markets just reacted to it,” he said.

    Blockchain data doesn’t seem to back that perspective. Waves’ 2022 roadmap was announced on Feb, 10. Waves’ price dropped by nearly 9% on the same day. The price run-up took off on Feb 28, according to data from TradingView and Binance.

    The daily chart of waves/usdt traading pair
     Source: TradingView, Binance

    Data from blockchain data firm Nansen shows that since Feb. 28, the total amount of Waves tokens going into the FTX exchange went from nearly zero to as much as 135,242. Nansen told Bloomberg the Wave tokens that went to a FTX-labeled deposit wallet were generated, or minted, by an address closely associated with the Waves project itself.

    Blockchain security firm PeckShield said that a sudden increase of a token’s supply on an exchange is usually associated with market making, an area that’s hard to track on a centralized exchange.

    “It is hard to make a conclusion on why the project is minting tokens to FTX,” Babel’s Guo said. “From what we’ve known in the past, this sort of flow usually comes with large sell pressure or exchanging for a stablecoin or fiat.”

    There was no involvement with the token’s supply flow, Ivanov said. The tokens on FTX were a “wrapped” version of Waves on the Ethereum blockchain that has nothing to do with the native token, which is on Waves blockchain, he said.

    “This is not true at all, we don’t do business with FTX, nor market making with them,” Ivanov said.

    A FTX representative said the exchange does not provide any market making services for cryptocurrencies and they don’t know the reason behind Waves’ supply surge to the exchange. No notable flows of Waves token were seen from popular crypto market maker GSR and Wintermute, they told Bloomberg.

    In an October 2020 statement, Waves announced it started issuing tokens on Ethereum to “enhance interoperability” between the two blockchains. Ivanov said he did not want the Ethereum version of Waves in the first place, saying that FTX did not want to list Waves until they integrated the Ethereum version of Waves token.

    Crypto news & Views

    FTX only counts a tiny amount of Waves’ trading volume. The token is mostly traded on Korean exchange Upbit, according to CoinGecko. Upbit didn’t respond to a request for comment. 

    Read full story on Bloomberg

    Altcoins Blockchain & Web3
    Previous ArticleRevolut Executive Exits to Seek $100 Million for Crypto Startup
    Next Article Bitcoin’s Momentous Week Has Yet to Materialize Into Gains

    Related Posts

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 20221 Min Read

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 20223 Mins Read

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 20224 Mins Read

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 20225 Mins Read

    Wall Street Reluctantly Embraces Crypto

    May 1, 20225 Mins Read

    Warren bill draws outcry over broad terms, but seems unlikely to pass

    March 20, 20225 Mins Read
    Add A Comment

    Leave A Reply Cancel Reply

    Donate to RareHippo Now!
    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 2022

    Wall Street Reluctantly Embraces Crypto

    May 1, 2022
    Follow US & Win Prizes
    • Facebook
    • Twitter
    • LinkedIn
    • Pinterest
    Don't Miss
    NewsWire

    Rethinking Bitcoin’s power as an inflation hedge

    January 9, 20225 Mins Read

    From turkeys to gasoline, clothes to dollar stores, nearly every avenue of human activity has…

    The SEC Wants to Know What You Think About Bitcoin ETFs

    February 7, 2022

    Annual Volume of Crypto Transactions Made by Russians Reaches $5 Billion

    November 28, 2021

    eNaira Shows That CBDCs Are Maturing

    January 3, 2022

    Subscribe to Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Crypto news & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Privacy Policy
    • About Us
    • Donate to RareHippo
    • Get In Touch
    • NewsWire
    © 2023 RareHippo. Powered by 8 Dimensions

    The content of this website is for informational purposes only and is not intended as a substitute for investment or financial advice.

    Type above and press Enter to search. Press Esc to cancel.