18.06.2025 20:55
On-chain analysts have uncovered evidence suggesting a potential compromise of the Waves Protocol, a cryptocurrency project launched in 2018, by North Korean hackers. Their investigation revealed suspicious activity within the project's GitHub repositories, specifically targeting the Keeper Wallet, a crucial component for Waves ecosystem users. This raises serious concerns about the security of user funds and data.
The illicit activity, discovered after a two-year period of inactivity in the relevant repositories, involved the addition of malicious code. Investigators believe this code can be traced back to a DPRK-linked actor who appears to have gained full access to the project's GitHub credentials. This breach is particularly alarming given Waves' current efforts to relaunch the project with its "Waves Summer 2025" initiative, potentially exposing new users to significant risk.
This incident casts a shadow over Waves' ambitious comeback. The project, a notable participant in the initial coin offering (ICO) boom of 2018, although raising a relatively modest $18 million, played a prominent role in the early cryptocurrency landscape. It was among the pioneers in offering tokenized versions of Bitcoin, yet it also became associated with various scams and fraudulent tokens. The subsequent collapse of its native WAVES token by 93% in 2022, from a high of over $55 to recent lows of $0.99, largely relegated Waves to obscurity.
The project's history is further marred by allegations surrounding its founder, Sasha Ivanov, and the use of the USDN stablecoin to manipulate the WAVES token, resulting in multiple rug pulls and estimated losses of up to $500 million. Unlike other high-profile cryptocurrency collapses in 2022, such as FTX and Luna, Waves escaped significant scrutiny. Its attempted resurgence in 2025, therefore, presents a double challenge: not only overcoming financial setbacks but also addressing this newly uncovered security vulnerability and the lingering reputational damage. The potential for further losses and exploitation remains a significant concern.
