TechFlow news — Wintermute founder and CEO Evgeny Gaevoy disclosed on X that the NEAR Foundation and Aurora have refused to honor their commitment to redeem $11.2 million worth of the stablecoin USN sold from FTX’s estate. Wintermute stated it will make one final public attempt to demand the NEAR Foundation complete the redemption, and if the foundation continues to refuse, Wintermute will pursue legal action.
Gaevoy said that since spring, Wintermute has been working with the FTX bankruptcy estate to facilitate asset liquidation in order to maximize creditor recoveries. As part of this effort, Wintermute was asked to assist in selling 11.2 million USN tokens, which it executed, delivering over $11 million in funds to FTX creditors. This sale was conducted based on NEAR’s public assertion that USN could be redeemed for USDT at a 1:1 ratio. However, when Wintermute submitted its redemption request, NEAR refused to fulfill its promise. After two and a half months, Wintermute has still not received any USDT and has ultimately been offered only 20% of the amount owed.
