The NEAR Basis and Aurora allegedly reneged on a suggestion to transform $11 million price 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 price of its stablecoin USN for the FTX property.
3. Abstract
To reiterate, I see this case 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 ability to maintain the $11M to themselves as an alternative 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 price of USN.
Gaevoy claimed Wintermute executed the transaction — which supplied $11 million to FTX collectors — on the idea that it could have the ability to 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 acquired any USDT.
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Gaevoy claimed Wintermute acquired a closing provide of 20% of the $11 million. Gaevoy mentioned Wintermute would pursue “all authorized avenues” towards 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 case, 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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