Wintermute Alleges NEAR Foundation’s Refusal to Convert $11 Million USN Stablecoins
Evgeny Gaevoy, founder and CEO of Wintermute, claims that the NEAR Foundation and Aurora have backed out of their offer to convert $11 million worth of USN stablecoins. Gaevoy shared on X (formerly Twitter) that NEAR failed to fulfill an agreement that would have allowed the sale of $11.2 million USN to benefit FTX’s creditors.
Wintermute was working with FTX to liquidate its assets for the benefit of the creditors, which included the sale of $11.2 million USN. The operation was based on the assumption that Wintermute could exchange the USN for USDT at a one-to-one ratio. However, when Wintermute submitted its redemption request, NEAR allegedly refused to honor its commitments.
Seeking Solutions and Potential Legal Conflict
In response to NEAR Foundation’s refusal, Wintermute reportedly received a final offer that amounted to only 20% of the initial $11 million. Gaevoy states that his company will consider all legal avenues against NEAR and Aurora—the organization facilitating the transfer of assets from the Ethereum network to the NEAR protocol.
Wintermute’s CEO considers this communication as a last public attempt to encourage NEAR Foundation to fulfill the redemption. However, if NEAR continues to be unreasonable in this situation, we are fully committed to entering into full-time conflict mode,’ warns Gaevoy, indicating a possible escalation of legal tensions.