Wintermute Co-founder: NEAR Foundation Refuses to Fulfill Redemption Commitment of $11.2 Million USN Related to FTX

ChainCatcher news, Wintermute co-founder and CEO Evgeny Gaevoy disclosed on the X platform that the NEAR Foundation has refused to fulfill its redemption commitment of $11.2 million USN related to FTX creditors. Wintermute stated that it will make a final public attempt to request the NEAR Foundation to complete the redemption, and if the NEAR Foundation continues this way, Wintermute will take legal action.

Gaevoy indicated that Wintermute has been working with the FTX bankruptcy estate since this spring to facilitate the liquidation of its assets to maximize creditor distribution. As part of this, Wintermute was asked to assist in the sale of 11.2 million USN, and Wintermute executed this transaction, providing over $11 million in funding to FTX creditors. The sale was based on NEAR's public statement that USN could be exchanged for USDT on a 1:1 basis, but when Wintermute submitted the redemption request, NEAR refused to fulfill its commitment. Two and a half months later, Wintermute still has not received any USDT, and the final offer received was 20% of the amount involved.