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) publish, 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.
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 an alternative of…
— wishful cynic (@EvgenyGaevoy) November 7, 2023
Gaevoy mentioned Wintermute was working with FTX to liquidate its belongings for collectors which included the sale of $11.2 million value of USN.
Gaevoy claimed Wintermute executed the transaction — which supplied $11 million to FTX collectors — on the premise 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 remaining provide of 20% of the $11 million. Gaevoy mentioned Wintermute would pursue “all authorized avenues” in opposition to NEAR and Aurora — the organisation accountable for permitting the switch of belongings from the Ethereum community to the NEAR protocol.
Gaevoy mentioned the publish was the “final and public try” in asking the NEAR Basis to finish the redemption.
“Nonetheless if [NEAR Foundation] continues to be unreasonable about this example, we’re totally dedicated to switching right into a full-time adversarial mode.”
The NEAR Basis and Aurora didn’t instantly reply to a request for remark.