The NEAR Basis and Aurora allegedly reneged on a suggestion to transform $11 million value of USN stablecoins, Wintermute founder and CEO Evgeny Gaevoy has claimed.
In a Nov. 7 X (Twitter) put up, Gaevoy claimed NEAR refused to honor a dedication to facilitate the sale of $11.2 million value of its stablecoin USN for the FTX property.
3. Abstract
To reiterate, I see this example very clearly as:
– NF dedicated to backstop USN and earmarked cash for it
– Aurora accepted the redemption in August (and solely final week backtracked on it)
– NF determined they’ve the facility to maintain the $11M to themselves as a substitute of…— wishful cynic (@EvgenyGaevoy) November 7, 2023
Gaevoy mentioned Wintermute was working with FTX to liquidate its property for collectors which included the sale of $11.2 million value of USN.
Gaevoy claimed Wintermute executed the transaction — which offered $11 million to FTX collectors — on the idea that it might be capable of redeem USN to USDT on a one-to-one foundation.
When Wintermute submitted its redemption request, NEAR allegedly “refused to honor their commitments.” Gaevoy claimed after two and a half months, Wintermute nonetheless hadn’t obtained any USDT.
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Gaevoy claimed Wintermute obtained a remaining supply of 20% of the $11 million. Gaevoy mentioned Wintermute would pursue “all authorized avenues” in opposition to NEAR and Aurora — the organisation liable for permitting the switch of property from the Ethereum community to the NEAR protocol.
Gaevoy mentioned the put up was the “final and public try” in asking the NEAR Basis to finish the redemption.
“Nevertheless if [NEAR Foundation] continues to be unreasonable about this example, we’re absolutely dedicated to switching right into a full-time adversarial mode.”
The NEAR Basis and Aurora didn’t instantly reply to a request for remark.
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