Sasha Ivanov: Architect of a Half-Billion-Dollar Crypto Fraud & Russian Mafia Buddy

tamir
Sat, 08 Nov 2025 13:04:39 +0000
People Radar, Ponzi, ticker, Trending, Alameda Research, Alexey Pupyshev, Caroline Ellison, Coinomat, CoinoUSD, FTX, GHP Group, Globalchain, Mark Garber, Sasha Ivanov, Tidex Exchange, Ventuary Labs, Vires Finance, Waves

Aleksandr “Sasha” Ivanov, the Ukraine-born founder of the Waves blockchain platform, stands accused of orchestrating one of cryptocurrency’s most brazen frauds—a systematic scheme that stripped approximately $530 million from investors through his lending protocol Vires Finance. Ivanov now faces multiple lawsuits and allegations of extortion. Whistleblower informed FinTelegram that he continues to threaten disappointed investors.​

Background and Early Ventures

Born in Ukraine and educated at Moscow State University’s theoretical physics department, Sasha Ivanov completed postgraduate studies at Leipzig University before entering the cryptocurrency space. In 2013, he launched Coinomat.com, promoted as the first instant cryptocurrency exchange, followed by CoinoUSD in 2014. He founded Waves Platform in 2016 through an ICO that raised $16 million (29,445 BTC), positioning it as a blockchain competitor to Ethereum with simplified token creation capabilities.​

The Vires Finance Scheme

Between January and March 2022, Ivanov allegedly executed a complex market manipulation scheme through Vires Finance, the Waves-based lending protocol.

Waves was marketed as a faster, more user-friendly “Russian Ethereum,” with its own L1 chain, WAVES token and later the algorithmic stablecoin Neutrino USD (USDN) plus lending protocol Vires Finance.GetBlock.io+1 USDN repeatedly lost its dollar peg and was even flagged as an “investment warning” by the Korea Federation of Exchanges due to volatility.

Vires offered eye-catching yields of 30–70% APY on stablecoins and at one point held over $1.2bn in deposits. In early 2022, a cluster of wallets borrowed almost all USDC/USDT liquidity from Vires using USDN as collateral, then cycled those funds through exchanges into WAVES, helping to drive a spectacular price spike. By this mechanics, the WAVES token was artificially pumped to an all-time high of $61.30 by March 31, 2022.​

The WAVES were then leveraged to mint more USDN, repeating the cycle until all available liquidity was drained. When users raised alarms, WAVES crashed 93-95%, and USDN depegged catastrophically—currently trading at approximately $0.01. Vires Finance users were left holding worthless USDN while their valuable stablecoins had vanished, resulting in over $530 million in losses.​

When WAVES fell and USDN depegged, ordinary depositors were left with more than $530m in “bad debt,” effectively trapped in depreciating USDN.

Legal Proceedings and Extortion Allegations

FTX‘s Alameda Research, which lost $90 million in the collapse, filed a lawsuit in November 2024 accusing Ivanov of blackmail and fraud. Court documents reveal that Ivanov privately demanded that Alameda publicly support Waves and Vires Finance, threatening to freeze their assets if they refused. Caroline Ellison, then-Alameda co-CEO, described the situation as “gross” noting “they stole our money and are holding it hostage”.

After FTX’s bankruptcy, Ivanov ceased communication with the liquidators attempting to recover funds.​ In November 2024, Alameda Research (within the FTX Recovery Trust) sued Ivanov and associated entities in the US Bankruptcy Court (D. Delaware), seeking roughly $90m allegedly trapped in Vires. The complaint accuses him of siphoning about $530m from Vires—of which $90m belonged to Alameda—by using USDN as dummy collateral, borrowing user USDC/USDT, pumping WAVES, and then refusing to return Alameda’s funds. The complaint characterises this as blackmail, fraud and a 530m Ponzi scheme.

Separately, crypto trader Avraham “Avi” Eisenberg, himself convicted in 2024 for a $115 million DeFi-related market manipulation scheme, continues pursuing a $14 million lawsuit against Ivanov, alleging a “global Ponzi scheme.” Eisenberg’s legal team has struggled to serve Ivanov, who investigators believe resides in Dubai but travels frequently.​ In a ruling issued on May 23, 2025, a U.S. District Judge vacated all criminal convictions against Eisenberg and granted his motion for acquittal.

Dissolution and Threats

In 2023, Ivanov dissolved the legal entities operating Waves and Vires Finance—DLTech and Numeris Ltd.—further obstructing recovery efforts. When investors confronted him on social media, Ivanov threatened violence, writing “I will visit you one by one with my friends from the Russian mafia,” and posted photos from a Dubai hotel challenging accusers to meet him. He later claimed these were “jokes”.​

Sasha Ivanov Empire: Organizational Structure Summary

Based on a comprehensive investigation, the following table maps the complex web of trading names, legal entities, jurisdictions, and key personnel comprising Aleksandr “Sasha” Ivanov’s cryptocurrency empire:

Trading Name/Project | Domain/Website | Legal Entity | Jurisdiction | Status | Key Individuals | Role
Waves Platform | waves.tech | Waves Platform Ltd | United Kingdom | Dissolved August 2018 | Aleksandr ‘Sasha’ Ivanov (Oleksandr Ivanov) | Founder & CEO
Waves Platform (post-UK) | waves.tech | Waves Association (referenced in CEO statement) | Switzerland (Luzern canton – referenced) | Relocated 2018, later dissolved | Aleksandr Ivanov | Founder
Waves Platform (operating entity) | waves.tech | DLTech Ltd | Seychelles | Dissolved November 2023 | Aleksandr Ivanov | Founder & Controller
Vires Finance | vires.finance | Numeris Ltd | Seychelles | Dissolved June 2023 | Aleksandr Ivanov | Founder & Controller
Neutrino Protocol / USDN | neutrino.at | Developed by Ventuary Labs (DAO structure) | N/A (decentralized) | Active but depegged ($0.01) | Alexey Pupyshev | Co-author/Protocol Developer
Neutrino Protocol / USDN | neutrino.at | Developed by KozhinDev team | N/A | Active but depegged | Vladimir Kozhin | Technical Developer
Coinomat | coinomat.com | Unknown | Unknown | Defunct | Aleksandr Ivanov | Founder (2013)
CoinoUSD | N/A | Unknown | Unknown | Defunct | Aleksandr Ivanov | Creator (2014)
Tidex Exchange | tidex.com | Unknown | Estonia (referenced), later EU jurisdiction | Active with regulatory concerns | Aleksandr Ivanov | Alleged affiliation
Vostok (enterprise blockchain) | N/A | Vostok entity | Russia | Sold July 2019 to GHP Group | Aleksandr Ivanov | Original Founder (sold entire stake to Mark Garber)
Waves Enterprise | wavesenterprise.com | Part of Globalchain Ltd | Russia | Active under new ownership | Mark Garber (GHP Group) | Acquirer/Partner
Globalchain Ltd | N/A | Globalchain Ltd | Russia (Moscow) | Active (joint venture est. Oct 2019) | Aleksandr Ivanov & Mark Garber | Co-founders (50/50 ownership)
Waves Labs | N/A | Unknown | Unknown | Claimed “hacked” May 2023 | Aleksandr Ivanov | Associated entity
Ventuary Labs | N/A | Unknown | Unknown | Developer of Neutrino Protocol | Alexey Pupyshev | Co-founder/Developer

Key Individuals

Aleksandr “Sasha” Ivanov (also known as Oleksandr Ivanov)

Born: November 1977

Nationality: Ukrainian

Education: Moscow State University (theoretical physics), Leipzig University (postgraduate)

Current Residence: United Arab Emirates (Dubai, alleged)

Role: Founder of Waves Platform, Vires Finance, 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 Technology evangelist, co-founder of Gravity Protocol, Ventuary Labs developer

Vladimir Kozhin (KozhinDev)

Nationality: Russian

Role: Lead developer of Neutrino dApp and USD-N stablecoin implementation

Mark Garber

Nationality: Russian

Organization: GHP Group (chairman)

Role: Acquired Vostok from Ivanov (July 2019); 50% co-owner of Globalchain Ltd joint venture with Ivanov (October 2019)

Corporate Structure Pattern

Ivanov’s empire exhibits a deliberate pattern of offshore incorporation (Seychelles), strategic dissolution (UK entity 2018, Seychelles entities 2023), and jurisdictional opacity. The dissolution of DLTech Ltd and Numeris Ltd in 2023—following the Vires Finance collapse and amid multiple lawsuits—appears designed to obstruct creditor recovery efforts.​

The UK entity Waves Platform Ltd (Company No. 10348537) was incorporated August 26, 2016, and voluntarily struck off August 14, 2018. Ivanov subsequently claimed the operation relocated to Switzerland (Luzern canton), though no definitive Swiss commercial register evidence for a “Waves Association” entity was located in available public records.​

Conclusion

Sasha Ivanov‘s trajectory from theoretical physicist to accused crypto fraudster epitomizes decentralized finance’s darkest vulnerabilities. With lawsuits mounting, entities dissolved, and investors devastated, the Waves founder exemplifies how centralized control masquerading as decentralization can facilitate massive theft. Whether residing in Dubai or elsewhere, Ivanov remains elusive while his victims—from retail investors to major institutions like Alameda Research—continue seeking justice for losses exceeding half a billion dollars.

Call for Information

If you have any information about Sasha Ivanov and his activities, please share it with us via our whistleblower system, Whistle42.

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