Sasha Ivanov: Alleged Architect of a Half-Billion-Dollar Crypto Scheme

This article reflects allegations and claims contained in public complaints, court filings, and investor reports. It is not a judicial finding. Where appropriate, we refer to Scam-Or Project as an independent media outlet/whistleblower channel.

Overview

Aleksandr “Sasha” Ivanov—the Ukraine-born founder of the Waves blockchain—has been accused of running a far-reaching manipulation scheme tied to the Waves ecosystem and its lending protocol Vires Finance, allegedly extracting about $530 million from users. Multiple lawsuits describe conduct ranging from market manipulation to threats and extortion. A whistleblower informed Scam-Or Project that Ivanov allegedly continues to intimidate angry investors.

Background & Early Ventures

• Origin & Education: Born in Ukraine; studied theoretical physics at Moscow State University, with postgraduate work at Leipzig University.

• Early Crypto Projects:

• 2013: Launched Coinomat.com, promoted as an instant crypto exchange.

• 2014: Introduced CoinoUSD.

• 2016: Founded Waves Platform via an ICO that raised $16 million (29,445 BTC), positioning Waves as a simplified token-creation alternative to Ethereum.

The Vires Finance Playbook (Alleged)

Timeframe: January–March 2022

Waves was often described as a faster, more user-friendly “Russian Ethereum,” complete with an L1 chain, the WAVES token, the algorithmic stablecoin Neutrino USD (USDN), and the lending market Vires Finance (source). Over time, USDN repeatedly de-pegged from $1 and was flagged as an “investment warning” by the Korea Federation of Exchanges due to volatility.

Key Mechanics Investors Describe:

1. Eye-Catching Yields: Vires marketed 30–70% APY on stablecoins, at one point showing $1.2+ billion in deposits.

2. Liquidity Drain: In early 2022, a cluster of wallets used USDN as collateral to borrow most USDC/USDT from Vires.

3. Pump Cycle: Borrowed stablecoins were cycled into WAVES across exchanges, contributing to a rapid price climb to an all-time high of $61.30 (Mar 31, 2022).

4. Recursive Minting: New WAVES exposure supported minting more USDN, repeating the cycle until Vires liquidity was effectively depleted.

5. Collapse: When users sounded the alarm, WAVES fell ~93–95%, USDN de-pegged catastrophically (hovering around ~$0.01), and Vires users were left with bad debt denominated in depreciating USDN, while their stablecoins had already been withdrawn—losses are alleged to exceed $530 million.

Lawsuits, Bankruptcy Proceedings & Extortion Allegations

• Alameda Research / FTX Estate (Nov 2024):
  The FTX Recovery Trust (for Alameda Research) sued Ivanov and related entities in the U.S. Bankruptcy Court (D. Delaware), seeking roughly $90 million allegedly trapped in Vires. The complaint asserts that Ivanov siphoned ~$530 million from Vires users (including Alameda’s $90m), using USDN as placeholder collateral, borrowing user USDC/USDT, pumping WAVES, and later refusing to return Alameda’s funds—conduct characterized as blackmail and fraud.

• Private Demands (as alleged):
  Court filings recount that Ivanov privately pressed Alameda to publicly support Waves and Vires, purportedly threatening to freeze assets if they refused. Caroline Ellison, then Alameda co-CEO, described the situation as “gross,” saying “they stole our money and are holding it hostage.”

• Post-Bankruptcy Silence:
  After FTX filed for bankruptcy, Ivanov allegedly stopped responding to liquidators attempting to recover funds.

• Avi Eisenberg Litigation:
  Crypto trader Avraham “Avi” Eisenberg—later acquitted on May 23, 2025 after his prior criminal convictions were vacated—continues a $14 million civil action against Ivanov, calling the broader structure a “global Ponzi scheme.” Eisenberg’s legal team says serving Ivanov has been difficult; investigators believe he resides in Dubai and travels frequently.

Dissolutions, Threats & Public Statements

• Corporate Shutdowns (2023):
  Entities associated with Waves/Vires—DLTech Ltd and Numeris Ltd (both Seychelles)—were dissolved in 2023, complicating creditor recovery efforts.

• Social-Media Threats:
  When confronted online, Ivanov posted remarks such as “I will visit you one by one with my friends from the Russian mafia” and photos from a Dubai hotel inviting accusers to meet in person. He later said these comments were “jokes.”

Organizational Map of the “Sasha Ivanov” Ecosystem

Summary Table

Key Individuals

• Aleksandr “Sasha” Ivanov (Oleksandr Ivanov)

• Born: Nov 1977

• Nationality: Ukrainian

• Education: Moscow State University (theoretical physics), Leipzig University (postgrad)

• Residence (alleged): United Arab Emirates (Dubai)

• Roles: Founder of Waves, Vires, Coinomat, CoinoUSD; controller of DLTech Ltd and Numeris Ltd (both dissolved 2023)

• Alexey Pupyshev

• Nationality: Russian

• Education: Saint Petersburg State University

• Role: Co-author of Neutrino Protocol, Waves evangelist; co-founder of Gravity Protocol; developer at Ventuary Labs

• Vladimir Kozhin (KozhinDev)

• Nationality: Russian

• Role: Lead developer of the Neutrino dApp and USDN implementation

• Mark Garber

• Nationality: Russian

• Organization: GHP Group (chairman)

• Role: Acquired Vostok from Ivanov (Jul 2019); 50% co-owner of Globalchain Ltd JV with Ivanov (Oct 2019)

Corporate Pattern & Jurisdictions

• Offshore Structuring: Repeated use of Seychelles entities.

• Strategic Dissolutions: Waves Platform Ltd (UK, Company No. 10348537) incorporated Aug 26, 2016, voluntarily struck off Aug 14, 2018; DLTech Ltd and Numeris Ltd dissolved in 2023 following the Vires crisis.

• Swiss Claims vs. Records: Ivanov said the operation moved to Switzerland (Luzern) under a “Waves Association,” but researchers report no definitive Swiss registry entry matching that name in public sources.

Conclusion

From physicist to controversial crypto founder, Sasha Ivanov sits at the center of a complex web of entities and protocols whose collapse left investors claiming losses exceeding $500 million. Plaintiffs argue that centralized control masked as decentralization enabled the alleged extraction, while dissolutions and jurisdictional shifts frustrated recovery. Whether in Dubai or elsewhere, Ivanov remains a moving target as both retail users and major counterparties—including Alameda Research—seek restitution.

Call for Information

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