Wintermute’s CEO, Evgeny Gaevoy, has threatened to take legal action against the Near Foundation and Aurora Labs for their failure to convert $11.2 million worth of USN stablecoins to USDT from Tether.
This was due to the bankrupt FTX exchange requesting assistance from the market maker in selling the Near ecosystem’s “stable coin.”
Wintermute fulfilled their part of the deal, providing $11 million to FTX’s creditors with the expectation that it would be exchanged for USDT at a 1-to-1 ratio.
However, after 2.5 months, they have yet to receive anything and were only offered a fraction of the agreed amount.
This caused direct damage to Wintermute, who is now taking legal action against the counterparties. Gaevoy stated that the company has the resources and capability to pursue this legal action.
