Neutrino USD Hack

Reported loss $200M
Other

What happened

On April 4, 2022, Neutrino USD (USDN), the Waves ecosystem's WAVES-backed algorithmic stablecoin, lost its dollar peg and traded as low as about $0.76 in contemporaneous reporting. Market-manipulation claims circulated, but the reviewed source presents competing allegations and denials rather than a verified exploit or identified attacker.

How it happened

  1. USDN was minted by locking and staking WAVES, so its stability depended on the value and market conditions of the backing ecosystem token.
  2. As WAVES fell sharply after its March 31 high, USDN fell below its intended one-dollar peg.
  3. Waves founder Sasha Ivanov proposed limiting the liquidation threshold for WAVES and USDN on April 3 while public allegations and denials about price manipulation continued.

Protocol details

Classification Stablecoin
Protocol Type Exploit/Other
Affected asset / contract USDN
Protocol links Website @neutrino_proto

Evidence

Same attack technique

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