News/Waves Founder Took on Over $530M in Debt in Vires Finance to Avoid $USDN Depeg

Waves Founder Took on Over $530M in Debt in Vires Finance to Avoid $USDN Depeg

Jun 25,2022,13:54
According to Blockworks, Sasha Ivanov, the founder of Waves chain and stablecoin $USDN, has taken on more than $530m in bad debt in Vires Finance, a lending protocol on Waves, and has pledged to slowly liquidate the debt without causing $USDN to depeg. Ivanov's debt accrues more than half a million dollars in daily interest. It's said that Waves is actively searching for outside lenders to inject liquidity into Vires and help Ivanov pay down his debt.
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