Evgeny Gaevoy, the CEO of Crypto market maker Wintermute, said his firm would take legal action against Near(NEAR) Foundation and Aurora Labs for failing to deliver on their promise to convert $11 million worth of USN stablecoins into Tether’s USDT. The issue Gaevoy explained tha...
The issue
Gaevoy explained that the bankrupt FTX estate had tasked the liquidity provider to facilitate the sale of $11.2 million worth of USN stablecoins.
According to him, his firm had “executed the transaction providing over $11 million to FTX creditors” in the confidence that Near Foundation was going to “redeem USN to USDT on a 1-to-1 basis” based on its public promises and private assurances from the Foundation and Aurora Labs that it could facilitate the transactions.
“[Near Foundation] refused to honor their commitments. 2.5 months later, we haven’t received any USDT for the USN sent to them in August. The final offer we got was 20% of the sum in question.”
He continued that:
“[Near Foundation] can call it however they want – the bottom line is their refusal to convert our USN to USDT in line with their public and private commitments has caused us direct harm.”
As a result, the Wintermute CEO has promised to “pursue all legal avenues against both Near Foundation and Aurora” and urged other members of the crypto community in similar positions to reach out.