Wintermute, a cryptocurrency market maker, has accused the NEAR Foundation and Aurora of breaching an agreement to convert $11 million in USN stablecoins.
Wintermute, a cryptocurrency market maker, has accused the NEAR Foundation and Aurora of breaching an agreement to convert $11 million in USN stablecoins. Evgeny Gaevoy, Wintermute's founder and CEO, said in a X post that NEAR refused to fulfill their agreement to enable the sale of $11.2 million in USN for the FTX estate.
Wintermute had been working with FTX to sell assets for creditors, including USN. Wintermute allegedly made the transaction based on an alleged agreement with the NEAR Foundation, expecting to redeem USN for Tether (USDT) on a one-to-one basis, according to Gaevoy. However, when Wintermute made the redemption request, NEAR allegedly refused to honor its agreements, leaving Wintermute without USDT despite the fact that it had been two and a half months.
Wintermute received a final offer of only 20% of the $11 million, which Gaevoy deemed inadequate. As a result, Wintermute intends to sue the NEAR Foundation and Aurora.
USN, which was initially created as an algorithmic stablecoin by Decentral Bank, obtained $40 million in financial backing from the NEAR Foundation after becoming undercollateralized. Gaevoy stressed that the message is a public request to the NEAR Foundation to complete the redemption, and warned that Wintermute is prepared to pursue a more confrontational approach if required.
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