{"id":372099,"date":"2023-11-08T12:45:17","date_gmt":"2023-11-08T12:45:17","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=372099"},"modified":"2023-11-08T13:07:19","modified_gmt":"2023-11-08T13:07:19","slug":"wintermute-threatens-lawsuit-against-near-foundation-over-failed-11m-stablecoin-conversion","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/wintermute-threatens-lawsuit-against-near-foundation-over-failed-11m-stablecoin-conversion\/","title":{"rendered":"Wintermute threatens lawsuit against Near Foundation over failed $11M stablecoin conversion"},"content":{"rendered":"

Evgeny Gaevoy, the CEO of Crypto market maker Wintermute,<\/a>\u00a0said his firm would take legal action against Near(NEAR)<\/a> Foundation and Aurora Labs for failing to deliver on their promise to convert $11 million worth of USN stablecoins into Tether's USDT<\/a>.<\/p>\n

The issue<\/h2>\n

Gaevoy explained that the bankrupt FTX estate had tasked the liquidity provider to facilitate the sale of $11.2 million worth of USN stablecoins.<\/p>\n

According to him, his firm had “executed the transaction providing over $11 million to FTX creditors” in the confidence that Near Foundation was going to “redeem USN to USDT on a 1-to-1 basis” based on its public promises and private assurances from the Foundation and Aurora Labs that it could facilitate the transactions.<\/p>\n

However, Aurora and Near Foundation have “unilaterally decided to refuse without providing any logical explanation.” Gaevoy said<\/a>:<\/p>\n

“[Near Foundation] refused to honor their commitments. 2.5 months later, we haven\u2019t received any USDT for the USN sent to them in August. The final offer we got was 20% of the sum in question.”<\/p><\/blockquote>\n

He continued that:<\/p>\n

“[Near Foundation] can call it however they want \u2013 the bottom line is their refusal to convert our USN to USDT in line with their public and private commitments has caused us direct harm.”<\/p><\/blockquote>\n

As a result, the Wintermute CEO has promised to “pursue all legal avenues against both Near Foundation and Aurora” and urged other members of the crypto community in similar positions to reach out.<\/p>\n

USN was launched<\/a> as an algorithmic stablecoin in 2022 on Near protocol by an independent team called Decentral Bank in collaboration with Proximity Labs. However, the stablecoin soon faced significant issues, resulting in the Foundation initiating a $40 million fund to aid USN-to-USDT conversions in October of the same year.<\/p>\n

‘Suspicious origin' of Wintermute's USN<\/h2>\n

In its response, Near Foundation's new CEO Illia Polosukhin reportedly said Wintermute's attempt to convert $11.2 million USN stablecoins into USDT was rejected because the USN was of “suspicious origin and may be related to illegal activities,” according to a Nov. 8 post<\/a> on X by Wu Blockchain.<\/p>\n

Near Foundation and Aurora Labs are yet to respond to CryptoSlate's<\/em> request for additional commentary.<\/p>\n","protected":false},"excerpt":{"rendered":"

Evgeny Gaevoy, the CEO of Crypto market maker Wintermute,\u00a0said his firm would take legal action against Near(NEAR) Foundation and Aurora Labs for failing to deliver on their promise to convert $11 million worth of USN stablecoins into Tether’s USDT. The issue Gaevoy explained that the bankrupt FTX estate had tasked the liquidity provider to facilitate […]<\/p>\n","protected":false},"author":720,"featured_media":372154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60793,32631],"tags":[76833,77179,79039,79037,72860,79040,77149],"post_folder":[],"acf":[],"yoast_head":"\nWintermute threatens lawsuit against Near Foundation over failed $11M stablecoin conversion<\/title>\n<meta name=\"description\" content=\"Crypto market maker Wintermute has promised legal actions against Near Foundation and Aurora Labs for reneging on their promises.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/wintermute-threatens-lawsuit-against-near-foundation-over-failed-11m-stablecoin-conversion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wintermute threatens lawsuit against Near Foundation over failed $11M stablecoin conversion\" \/>\n<meta property=\"og:description\" content=\"Crypto market maker Wintermute has promised legal actions against Near Foundation and Aurora Labs for reneging on their promises.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/wintermute-threatens-lawsuit-against-near-foundation-over-failed-11m-stablecoin-conversion\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-08T12:45:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-08T13:07:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/11\/legal-battle-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/wintermute-threatens-lawsuit-against-near-foundation-over-failed-11m-stablecoin-conversion\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/wintermute-threatens-lawsuit-against-near-foundation-over-failed-11m-stablecoin-conversion\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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