Wintermute, a cryptocurrency market maker, accused the NEAR Foundation and Aurora of violating an agreement to convert the $11 million USN stablecoin.
Near Foundation Rejects to Sell USN
According to Evgeny Gaevoy, founder and CEO of Wintermute, NEAR refused to honor their agreement to facilitate the sale of $11.2 million worth of stablecoin USN for FTX.
Wintermute was working with FTX to liquidate assets for creditors, which included the sale of USN valued at $11.2 million.
Wintermute executed the transaction on the basis that it could convert USN to USDT on a one-to-one basis. However, NEAR allegedly refused to honor its commitments and offered only a 20% buyback offer two and a half months later.
Gaevoy said Wintermute will pursue all legal remedies against NEAR and Aurora, the organization responsible for allowing assets to be transferred from the Ethereum network to the NEAR protocol.
NEAR Foundation CEO Illia Polosukhin said that Wintermute purchased 11.2 million USN from the Alameda property and requested to exchange them for USDT.
The source of this USN is suspicious and may be related to illegal activities and Wintermute is attempting to arbitrage. Therefore, his request was rejected, he said.
NEAR Foundation had previously announced that it would stop supporting the USN project due to operational difficulties.
*This is not investment advice.