Waves Labs, the company behind the Waves blockchain, suffered a hack last year that compromised internal data and caused "financial damage," according to founder Aleksandr Ivanov. The hackers broke into Waves' management software system and attempted to extort money from the company. The revelation is the latest twist in the tumultuous saga of Waves, which was once heralded as a "Russian Ethereum" and peaked at a $5.6 billion market cap in April 2022. The network is still reeling from an alleged theft on its lending protocol Vires Finance in April 2022, which cost investors more than $530 million.