Wintermute alleges NEAR Foundation backed out of $11M stablecoin redemption deal

Wintermute founder claims NEAR and Aurora reneged on redemption offer

The NEAR Foundation and Aurora, the organization responsible for asset transfers to the NEAR protocol, have been accused by Wintermute founder and CEO Evgeny Gaevoy of backing out of an $11 million stablecoin redemption deal. Gaevoy took to Twitter to claim that NEAR refused to honor their commitment to facilitate the sale of $11.2 million worth of USN stablecoins for the FTX estate.

Wintermute liquidating assets for creditors

Wintermute had been working with FTX to liquidate its assets for creditors, which included the sale of $11.2 million worth of USN stablecoins. Gaevoy stated that Wintermute executed the transaction on the understanding that it would be able to redeem USN for USDT on a one-to-one basis. However, after submitting the redemption request, NEAR allegedly refused to honor their commitments, leaving Wintermute without any USDT for over two months.

Final offer of 20% of the $11 million

According to Gaevoy, Wintermute received a final offer of only 20% of the $11 million. In response, Gaevoy stated that Wintermute would explore all legal avenues against NEAR and Aurora. The situation is ongoing, and further updates will be provided as more information becomes available.