The value of WAVES plummeted from $2.35 to $1.80 after the crypto exchange Binance revealed in a blog post that it would no longer support the token.

WAVES, created by Ukrainian entrepreneur Sasha Ivanov, faces challenges as Binance explained the decision, citing the token’s failure to meet their “high standards and industry requirements.”

Alongside WAVES, Binance announced it would stop trading all spot and margin pairs for OmiseGO (OMG), Wrapped NXM (WNXM), and NEM (XEM) on June 17 at 03:00 UTC. This news led to a 24% drop in WAVES' value, now trading at $1.80, as reported by CoinMarketCap.

In related news, OKX also decided to delist WAVES to "maintain a strong spot trading environment." Earlier in February, Binance.US made a similar move, removing WAVES for the same reasons. Korean exchanges Upbit and Bithumb have also delisted the token, concerned about its stablecoin, Neutrino USD (USDN), losing its peg to the U.S. dollar.

In mid-2023, Ivanov shared in an interview that Waves Labs, the company behind the blockchain, had been hacked for six months. This hack caused major financial losses and compromised internal data. Ivanov claimed the hackers, allegedly linked to the Russian mafia, had infiltrated the company's management software and tried to extort money.

This hacking incident added to WAVES’ existing problems, which included a $530 million loss from their lending platform, Vires Finance. Ivanov has denied any involvement in the scheme.