Wintermute, a crypto market making firm, said it plans to take legal action against the Near Foundation and sister project Aurora Labs for allegedly trying to back out an $11.2M deal between the companies.
On Nov. 7, Evgeny Gaevoy, the CEO of Wintermute CEO, tweeted that his firm agreed to facilitate the sale of 11.2M USN, Near’s now-sunset native stablecoin, on the understanding the tokens would be redeemable for the USDT in Spring 2023, Wintermute went on to purchase the 11.2M USN in exchange for roughly $11M.
Gaevoy said the Near Foundation (NF) assured him and his team that Aurora would facilitate the USN redemption within just “a couple of days” via private chat. However, The firm said it is yet to receive any USDT despite submitting the USN for redemption in August, with Gaevoy claiming he was recently offered redemptions at just 20% on the dollar.
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#undefined [Source: TheDefiant]