Wintermute says NEAR exits $11 million stablecoin redemption deal

Wintermute founder and CEO Evgeny Gaevoy claims that the NEAR Foundation and Aurora allegedly rejected an offer to convert $11 million worth of USN stablecoin.

In a Nov. 7 (Twitter) post, Gaevoy claimed that NEAR had refused to fulfill its promise to sell $11.2 million worth of stablecoin USN for FTX property. Gaevoy said that Wintermute was working with FTX to liquidate its assets for creditors, which included the sale value. USN $11.2 million.

Gaevoy claims that Wintermute executed the deal, providing $11 million to FTX creditors based on the ability to exchange USN for USDT on a one-to-one basis.

When Wintermute submitted its redemption request, NEAR allegedly refused to honor its commitments. Gaevoy claims that after two and a half months, Wintermute still has not received any USDT.

Gaevoy claims Wintermute received 20% of the final offer of $11 million. Gaevoy said Wintermute will pursue all legal avenues against NEAR and Aurora, the organization responsible for allowing assets to be transferred from the Ethereum network to the NEAR protocol.

Gaevoy stated that the post was the last public attempt to require the NEAR Foundation to complete the redemption.

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