📣 Wintermute Accuses NEAR Foundation of Violating Agreements

posted  8 Nov 2023
Photo - 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.

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.