Wintermute Lianchuang: NEAR Foundation rejects $11.2 million USN redemption commitment involving FTX

Wintermute's founder and CEO, Evgeny Gaevoy, revealed on the X platform that the NEAR Foundation and Aurora have refused to fulfill their commitment to sell the stablecoin USN for FTX assets worth $11.2 million. Wintermute stated that it will make a final public attempt to request that the NEAR Foundation complete the redemption, and if the NEAR Foundation continues to refuse, Wintermute will take legal action. Gaevoy stated that Wintermute has been working with the FTX bankruptcy estate since this spring to facilitate its asset liquidation to maximize creditor distribution. As part of this effort, Wintermute was asked to assist in selling 11.2 million USN, and Wintermute executed the transaction, providing over $11 million in funds to FTX creditors. The sale was based on NEAR's public statement that it could trade USN for USDT at a 1:1 ratio, but when Wintermute submitted a redemption request, NEAR refused to fulfill its commitment. Two and a half months later, Wintermute has not received any USDT and was ultimately offered 20% of the amount in question.