Wintermute claims NEAR backed out of $11M stablecoin redemption deal

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The NEAR Basis and Aurora allegedly reneged on a proposal 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.

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Gaevoy stated 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 supplied $11 million to FTX collectors — on the premise that it might 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.

Gaevoy claimed Wintermute acquired a ultimate provide of 20% of the $11 million. Gaevoy stated Wintermute would pursue “all authorized avenues” towards NEAR and Aurora — the organisation chargeable for permitting the switch of property from the Ethereum community to the NEAR protocol. 

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