Wintermute CEO Alleges NEAR Foundation and Aurora Failed to Convert $11M in Stablecoins
Summary:
Evgeny Gaevoy, founder and CEO of Wintermute, accuses NEAR Foundation and Aurora of backpedaling on a deal to facilitate the conversion of $11 million in USN stablecoins. Wintermute was handling the liquidation of FTX's assets, including $11.2 million in USN. Gaevoy alleges that despite an agreed exchange of USN for USDT on a one-to-one basis, NEAR did not uphold their commitment. Even after two months, Wintermute has not received any USDT. Gaevoy mentions that Wintermute will pursue all possible legal recourse against the two entities.
In what appears to be a breach of contract, NEAR Foundation and Aurora are being accused of backtracking on a promise to facilitate the conversion of $11 million in USN stablecoins. This allegation was made by Evgeny Gaevoy, the CEO and founder of Wintermute, on his Twitter account on November 7. Gaevoy insists that NEAR defaulted on their obligation to assist with the conversion of $11.2 million of USN stablecoins into liquidity for the FTX estate.
To illustrate, Wintermute was in the process of liquidating FTX's assets to pay off creditors, which included disposing of $11.2 million in USN. There was an understanding that Wintermute would be able to exchange USN for USDT on a one-to-one ratio after the transaction, which facilitated $11 million for FTX's creditors, was completed. However, upon submitting their conversion request, NEAR reportedly reneged on their promise, Gaevoy maintains. He also alleges that even after over two months, Wintermute is yet to receive any USDT.
A final proposition was made to Wintermute, offering a rate of 20% of the original $11 million. Apparently unperturbed by it, Gaevoy said Wintermute intends to explore "all possible legal remedies" against NEAR and Aurora. Aurora is the entity to be held accountable for endorsing the asset migration from the Ethereum infrastructure to the NEAR protocol. More updates on this situation will be availed as the story develops.
Published At
11/7/2023 11:08:34 PM
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