{"id":81987,"date":"2023-11-08T01:52:37","date_gmt":"2023-11-08T06:52:37","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/wintermute-considers-legal-action-as-near-foundation-refuses-redemption-of-11-2-million-usn-stablecoin\/"},"modified":"2023-11-08T01:52:41","modified_gmt":"2023-11-08T06:52:41","slug":"wintermute-considers-legal-action-as-near-foundation-refuses-redemption-of-11-2-million-usn-stablecoin","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81987","title":{"rendered":"Wintermute Considers Legal Action as NEAR Foundation Refuses Redemption of $11.2 Million USN Stablecoin"},"content":{"rendered":"<div>\n<figure id=\"attachment_128359\" aria-describedby=\"caption-attachment-128359\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-128359\" class=\"wp-caption-text\">Image Source: Wintermute<\/figcaption><\/figure>\n<p>Crypto market maker <strong>Wintermute<\/strong> is considering legal action after the NEAR Foundation and Aurora allegedly failed to honor an agreement to convert $11.2 million worth of USN stablecoins.<\/p>\n<p>In a recent post on X (formerly Twitter), Wintermute CEO Evgeny Gaevoy accused NEAR of retracting from its commitment to facilitate the sale of USN for the FTX estate.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Public service announcement or \u201chow we are not really friends with Near <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/NEARFoundation?ref_src=twsrc%5Etfw\">@NEARFoundation<\/a> and Aurora Labs <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/auroraisnear?ref_src=twsrc%5Etfw\">@auroraisnear<\/a> going forward\u201d\ud83d\udd3d<\/p>\n<p>\u2014 wishful cynic (@EvgenyGaevoy) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/EvgenyGaevoy\/status\/1722019058717986903?ref_src=twsrc%5Etfw\">November 7, 2023<\/a><\/p>\n<\/blockquote>\n<p>According to Gaevoy, Wintermute had been working with FTX to liquidate assets for creditors, which included selling $11.2 million worth of USN stablecoin.<\/p>\n<p>Gaevoy claimed that Wintermute executed the transaction based on an alleged agreement with the NEAR Foundation, assuring them that USN could be redeemed for Tether at a one-to-one ratio.<\/p>\n<p>\u201cThis confidence was based on public statements by NF, Near introducing us to Aurora and Aurora confirming in private chats that they can facilitate the redemption, in our specific case, in a couple of days,\u201d he wrote.<\/p>\n<p>However, when Wintermute submitted the redemption request, NEAR allegedly refused to honor their commitments.<\/p>\n<p>Gaevoy further stated that Wintermute had not received any USDT even after two and a half months.<\/p>\n<h2>NEAR Gives a 20% Repurchase Offer<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>In the post, Gaevoy revealed that Wintermute received a final offer from NEAR, which amounted to only 20% of the $11 million.<\/p>\n<p>Expressing dissatisfaction, Gaevoy declared that Wintermute would explore all legal options against NEAR and Aurora, the organization responsible for asset transfers between the Ethereum network and the NEAR protocol.<\/p>\n<p>USN was initially launched as an algorithmic stablecoin on April 25, 2022, by Decentral Bank, an independently operated community-run project with no direct financial support from the NEAR Foundation.<\/p>\n<p>However, in October, the NEAR Foundation established a $40 million fund to facilitate conversions from USN to USDT after USN became undercollateralized.<\/p>\n<p>\u201cI\u2019ll finish this thread with the last and public attempt at the resolution asking Near Foundation to complete the redemption,\u201d Gaevoy said.<\/p>\n<p>\u201cHowever if NF continues to be unreasonable about this situation, we are fully committed to switching into a full-time adversarial mode.\u201d<\/p>\n<h2>Wintermute Entangled in Lawsuit Against Celsius Network<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Wintermute\u2019s possible legal action against NEAR comes as the crypto market maker has also been <span data-preserver-spaces=\"true\">entangled in a lawsuit against the bankrupt lending firm Celsius<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p>In a June complaint, plaintiffs in the class-action lawsuit against Celsius Network alleged that Wintermute helped the crypto lending firm in wash trading.<\/p>\n<p>Celsius executives allegedly engaged in \u201cimproper market making\u201d activities with the help of Wintermute from around March 2021 until June 2022, when the crypto lending firm froze withdrawals, per the lawsuit.<\/p>\n<p>It is worth noting that Wintermute is one of the largest global crypto market makers.<\/p>\n<p>As <span data-preserver-spaces=\"true\">reported<\/span>, the firm has paid its 36 British staff a total of $83 million in 2021, suggesting that the crypto company gave birth to 36 new millionaires.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/wintermute-considers-legal-action-as-near-foundation-refuses-redemption-of-11-2-million-usn-stablecoin.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image Source: Wintermute Crypto market maker Wintermute is considering legal action after the NEAR Foundation and Aurora allegedly failed to honor an agreement to convert $11.2 million worth of USN stablecoins. In a recent post on X (formerly Twitter), Wintermute CEO Evgeny Gaevoy accused NEAR of retracting from its commitment to facilitate the sale of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":81988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-81987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wintermute Considers Legal Action as NEAR Foundation Refuses Redemption of $11.2 Million USN Stablecoin | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Image Source: Wintermute Crypto market maker Wintermute is considering legal action after the NEAR Foundation and Aurora allegedly failed to honor an\" \/>\n<meta name=\"robots\" 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