Aurora

Foundation

<div class="sg-post-des">
 Wintermute founder and CEO Evgeny Gaevoy says the Near Foundation reneged on an offer to convert $11m million worth of its stablecoin.
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<div class="cointelegraph">
 <p>The NEAR Foundation and Aurora allegedly reneged on an offer to convert $11 million worth of USN <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s, Wintermute founder and CEO Evgeny Gaevoy has claimed.</p>
 <p>In a Nov. 7 X (Twitter) post, Gaevoy claimed NEAR refused to honor a commitment to facilitate the sale of $11.2 million worth of its <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> USN for the FTX estate.</p>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">3. Summary<br><br>To reiterate, I see this situation very clearly as:<br><br>- NF committed to backstop USN and earmarked money for it<br>- Aurora accepted the <a rel="noopener noreferrer nofollow" title="redemption" href="https://thebittimes.com/tag/redemption.html">redemption</a> in August (and only last week backtracked on it)<br>- NF decided they have the power to keep the $11M to themselves instead of…</p>— wishful cynic (@EvgenyGaevoy) November 7, 2023
 </blockquote>
 <p>Gaevoy said Wintermute was working with FTX to liquidate its assets for creditors which included the sale of $11.2 million worth of USN.</p>
 <p>Gaevoy claimed Wintermute executed the transaction — which provided $11 million to FTX creditors — on the basis that it would be able to redeem USN to USDT on a one-to-one basis.</p>
 <p>When Wintermute submitted its <a rel="noopener noreferrer nofollow" title="redemption" href="https://thebittimes.com/tag/redemption.html">redemption</a> request, NEAR allegedly "refused to honor their commitments." Gaevoy claimed after two and a half months, Wintermute still hadn't received any USDT.</p>
 <p>Gaevoy said Wintermute received a final offer of 20% of the $11 million. Gaevoy said Wintermute would pursue "all legal avenues" against NEAR and Aurora — the organisation responsible for allowing the transfer of assets from the Ethereum network to the NEAR protocol.&nbsp;</p>
 <p class="post-content__disclaimer">This is a developing story, and further information will be added as it becomes available.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/wintermute-claims-near-backed-out-of-11m-stablecoin-redemption-deal-tbt69432.html">https://thebittimes.com/wintermute-claims-near-backed-out-of-11m-stablecoin-redemption-deal-tbt69432.html</a></p>

Wintermute claims NEAR backed out of $11M stablecoin redemption deal

TheBitTimes

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