Wintermute's founder and CEO, Evgeny Gaevoy, has alleged that the Near Foundation and Aurora rejected an offer to convert $11 million worth of the USN stablecoin. In a tweet on November 7, Gaevoy claimed that Near failed to fulfill its promise to sell $11.2 million worth of stablecoin USN for FTX property. Wintermute has been working with FTX to liquidate its assets for creditors, which includes selling $11.2 million worth of USN.
Gaevoy alleged that Wintermute executed the deal, providing $11 million to FTX creditors, based on an agreement with the Near Foundation that would allow USN to be redeemed for Tether (USDT) on a one-to-one basis. However, when Wintermute submitted its redemption request, Near allegedly "refused to honor its commitments." Gaevoy claimed that two and a half months have passed, and Wintermute still hasn't received any USDT. Gaevoy said that Wintermute has received only 20% of the final offer of $11 million.
Wintermute plans to pursue "all legal avenues" against Near and Aurora, the two entities responsible for allowing assets to be transferred from the Ethereum network to the Near protocol. USN was launched as an algorithmic stablecoin in April 2022 by Decentral Bank, an independently operated community-run project without direct financial assistance from the Near Foundation. Last October, after USN became undercollateralized, the Near Foundation established a $40 million fund to support the conversion of USN to USDT.
Gaevoy's tweet represents a "last public attempt" to get the Near Foundation to complete the redemption. If Near continues to be uncooperative, Gaevoy stated that they are prepared to switch to a confrontational approach to address the situation fully.
