Wintermute Accuses NEAR Foundation of Violating Agreements
Wintermute, an algorithmic trading firm in digital assets, accuses NEAR Foundation and Aurora of failing to uphold their agreement involving the conversion of $11 million worth of the now-defunct USN stablecoin to USDT. These tokens originated from the now-defunct FTX exchange and were acquired by Wintermute in exchange for fiat currency with the assurance of a complete conversion.
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Wintermute, an algorithmic trading firm in digital assets, accuses NEAR
Foundation and Aurora of failing to uphold their agreement involving the
conversion of $11 million worth of the now-defunct USN stablecoin to
USDT. These tokens originated from the now-defunct FTX exchange and were
acquired by Wintermute in exchange for fiat currency with the assurance
of a complete conversion.
According
to Wintermute CEO, Evgeny Gaevoy, the NEAR Foundation unilaterally and
inexplicably ceased the token conversion after two months of
negotiations and a test transaction. The foundation proposed converting
only 20% of the requested sum, dismissing an alternative arrangement
involving frozen NEAR tokens.
As
a result, Wintermute is considering legal action and believes its
position is entirely justified. The company is also encouraging others
who have incurred losses due to the USN situation to collaborate, in the
pursuit of gathering additional evidence for a fair resolution.
As of now, the NEAR Foundation and Aurora have not commented on these accusations.
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