{"id":72726,"date":"2023-01-18T17:03:13","date_gmt":"2023-01-18T15:03:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72726"},"modified":"2025-09-09T09:59:13","modified_gmt":"2025-09-09T06:59:13","slug":"waves-dex-users-report-withdrawal-issues-for-usdt-and-usdc","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/waves-dex-users-report-withdrawal-issues-for-usdt-and-usdc\/","title":{"rendered":"Waves DEX users report withdrawal issues for USDT and USDC"},"content":{"rendered":"<p>Waves DEX users on the decentralized exchange have been unable to withdraw funds from the network&#8217;s internal protocol for several months. ForkLog spoke to the affected users themselves.<\/p>\n<p>According to one client, more than 200 000 Neutrino USD (USDN) are blocked on his account. The platform has introduced daily withdrawal limits \u2014 no more than 100 000 USDN (about $35,000) for all users.<\/p>\n<p>A Twitter user with the handle Cryptohippo said that withdrawing stablecoins from Waves DEX via the Ethereum bridge took him 10 hours instead of the system&#8217;s eight minutes.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Update: my USDC withdrawal went through after 10 hours, when the transfer time was estimated to be just 8 minutes.<\/p>\n<p>I will be trying more withdrawals to see if they simply sent the money to stop the story, as I asked customer support if the money was gone, and I got radio silence<\/p>\n<p>\u2014 Cryptohippo (@cryptohippo65) <a href=\"https:\/\/twitter.com\/cryptohippo65\/status\/1614342267808145408?ref_src=twsrc%5Etfw\">January 14, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Cryptohippo intends to continue withdrawals to test the system.<\/p>\n<p>According to open statistics, on the Ethereum bridge Waves DEX almost none of USDC and USDT remain. On one of the <a href=\"https:\/\/etherscan.io\/token\/0xdac17f958d2ee523a2206206994597c13d831ec7?a=0x6871EaCd33fbcfE585009Ab64F0795d7152dc5a0\">addresses<\/a> at the time of writing there are only 172 USDT.<\/p>\n<p>Where the funds went is unknown. Meanwhile official data on the Waves DEX protocol&#8217;s capitalization show that the on-chain supply of USDT and USDC is 26.6 million and 16.5 million respectively.<\/p>\n<p>According to Protos, \u201cover the last two months a significant portion of USDT and USDC moved to Binance wallets, while Waves DEX staff confirmed that they periodically withdraw coins from their gateways to cold wallets.\u201d<\/p>\n<p>However journalists could not confirm whether Waves DEX stores or trades cryptocurrencies on Binance.<\/p>\n<p>A representative of HAPI Labs, in commenting to ForkLog, explained that Waves DEX uses a centralized gateway, i.e. \u201cwithdrawal is performed as with a centralized exchange.\u201d For this reason it is impossible to determine the exact number of users who initiated withdrawals and have not yet received their funds.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abMessages about liquidity shortages of the <a href=\"https:\/\/wavesexplorer.com\/addresses\/3PGS9W5aZ4kdBFJJ9jxmgjLW8qfqu1b3Y66\">official Waves gateway<\/a> for interacting with other blockchains have been coming for over a year, and for more than half a year the liquidity crunch has been very acute\u00bb, \u2014 he said.<\/p>\n<\/blockquote>\n<p>The expert noted that this address is centrally controlled by the Waves team and has repeatedly been suspected by users of fraudulent schemes related to phishing and money laundering.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThe team has never responded to numerous user complaints, has not frozen funds after thefts and hacks, has not helped in any investigation. We have not found any official response or statement about any countermeasures against attacks on network users\u00bb, \u2014 added an analyst from HAPI Labs.<\/p>\n<\/blockquote>\n<p>According to him, the situation is worsening: <\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abDue to the <span data-descr=\"depeg of the token from parity with the asset backing its value\" class=\"old_tooltip\">depeg<\/span> and rising hype, the number of people wanting to withdraw USDN is increasing and will probably soon be roughly equal to the entire circulating supply\u00bb. <\/p>\n<\/blockquote>\n<p>According to public statistics, 84,431,545 USDN are currently staked in Neutrino, out of a total supply of 629,984,944 USDN. With the daily limits in place, full withdrawal would take about 2.5 years. Analysts suggest the restrictions were introduced due to a banal shortage of funds to redeem USDN and issue USDT\/USDC.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThey used liquid stablecoins for a <a href=\"https:\/\/forklog.com\/en\/news\/what-is-pump-and-dump\">Pump &#038; Dump<\/a> of their WAVES token in the spring \u2014 this is not proven, but there was a lot of material on this at the time. They do not want to redeem obligations using Waves, as this would trigger a new wave of dumping the native WAVES token. Therefore they decided to issue a teaspoon per day, drag out time and look for a solution, though it is not guaranteed that they are seeking one\u00bb, \u2014 summarized a representative of HAPI Labs.<\/p>\n<\/blockquote>\n<p>According to Protos, Waves Platform CEO and founder Sasha Ivanov oversees most aspects of the Waves network, including <a href=\"https:\/\/forklog.com\/en\/news\/what-are-algorithmic-stablecoins\">the algorithmic stablecoin<\/a> USDN and Waves DEX. There is no public information on this.<\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">18 January 2023 | 18:58<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>ForkLog tried to reach Ivanov while preparing previous materials, but company representatives said that after moving to Dubai he changed all contacts and is not giving comments.<\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">19 January 2023 | 09:29<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>On the evening of January 18, Ivanov acknowledged delays in the USDT\/USDC gateways in his Telegram channel, linking this to the integration on Waves DEX of new decentralised bridges from an independent team and an audit of the old gateways.<\/p>\n<p>According to him, the problem will persist for the next few weeks.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThe old gateways will remain functional and operate in parallel with the new bridges. All wrapped tokens will be available, including redemptions\u00bb, \u2014 wrote the CEO of Waves.<\/p>\n<\/blockquote>\n<p>He added that the exchange team will try to compensate withdrawal delays with other means and promised to provide details later.<\/p>\n<\/div>\n<\/div>\n<p>Users have created a separate channel with his sarcastic replies regarding the issues they have faced.<\/p>\n<p>On 17 January, Ivanov posted in Telegram a statement regarding the USDN token, which, in his words, \u201ccollapsed as a stablecoin, but is not dead yet\u201d.<\/p>\n<p><script async=\"\" src=\"https:\/\/telegram.org\/js\/telegram-widget.js?21\" data-telegram-post=\"sashawaves\/61\" data-width=\"100%\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abIts architecture proved unsuitable for a stablecoin with a hard peg. But this will be enough for another interesting financial product, namely the ecosystem index. It does not require a hard peg; it simply needs to track a portfolio of selected ecosystem tokens. We are gradually abandoning USDN as a stablecoin, but reviving it as a new asset with a new value and utility\u00bb, \u2014 wrote him.<\/p>\n<\/blockquote>\n<p>Separately, Ivanov stressed that after the protocol update the USDN price could end up both below $1 and above.<\/p>\n<p>Recall that in late 2022 the Waves CEO announced plans to <a href=\"https:\/\/forklog.com\/en\/news\/sasha-ivanov-proposed-updating-waves-users-again-dubbed-him-until-kvonom\">update the blockchain of his project<\/a> to version 2.0 in 2023.<\/p>\n<p>Prior to this, Ivanov announced <a href=\"https:\/\/forklog.com\/en\/news\/waves-ceo-announces-plan-to-launch-a-new-stablecoin-users-draw-parallels-with-terra\">the launch of a new stablecoin<\/a>, whose prospects prompted doubt among users. The platform&#8217;s developers also presented <a href=\"https:\/\/forklog.com\/en\/news\/waves-team-unveils-plan-to-recapitalise-the-algorithmic-stablecoin-usdn\">a recapitalisation plan<\/a> for USDN. The algorithmic stablecoin <a href=\"https:\/\/forklog.com\/en\/news\/waves-algorithmic-stablecoin-usdn-strengthens-its-detachment-from-the-us-dollar\">lost<\/a> its peg to the US dollar in late August and has yet to restore the peg.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Waves DEX users have been unable to withdraw funds from the network&#8217;s internal protocol for several months.<\/p>\n","protected":false},"author":1,"featured_media":72727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[910,2334,290],"class_list":["post-72726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-usdc","tag-usdn","tag-waves"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=72726"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72726\/revisions"}],"predecessor-version":[{"id":72728,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72726\/revisions\/72728"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/72727"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=72726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=72726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=72726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}