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.
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 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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