Cryptocurrency of Ukrainian developer suspected of ties to Russia rises by 19% per day

The founder of the Waves blockchain, Ukrainian-born developer Oleksandr Ivanov, has announced that the network’s Neutrino Index (XTN) token will start buying back on July 6. Ivanov noted that the purchase and burning of surplus coins will allow «to build a functional index into the ecosystem, and the owners of the asset will be able to close their positions and get their money back.»

XTN is an index coin backed by a set of cryptocurrencies from the Waves ecosystem and managed by a community of users. Following the announcement, the asset’s price jumped by 19.7% and, according to CoinGecko, is worth $ 0.52 401 at the time of writing.

The Waves blockchain was launched in 2016 based on the Leased Proof of Stake (LPoS) consensus algorithm. The platform is used to issue tokens and conduct crowdfunding campaigns. As of July 5, the native WAVES token added 1.72% per day and is trading at $ 2.06.

It should be noted that on February 19, Ivanov announced the restart of the project’s ecosystem — users needed POWER tokens to participate in the updated network. To get them, investors had to hold native WAVES coins on the blockchain network.

It should be added that Ivanov is suspected of having close ties to the Russian wealthy. Rumor has it that the developer sold his project to Russian oligarch Oleg Deripaska. However, wanting to whitewash his reputation against the backdrop of the Russian-Ukrainian war, Ivanov gave a Zoom interview to the founder of the Ukrainian crypto exchange Kuna, Mikhail Chobanyan. In the conversation, Ivanov noted that he has not been involved in Russian projects for more than a year and is focused on working for the international community. He also noted that he had transferred his Russian assets to a «stranger» and had nothing to do with them.