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The global crypto market cap is $1.34 trillion with a 24-hour volume of $42.56 billion. The price of Bitcoin is $35,442.62 and BTC market dominance is 51.6%. The price of Ethereum is $1,898.65 and ETH market dominance is 17.0%. The best performing cryptoasset sector is Yield Farming, which gained 12%.
The CEO of Near Foundation reportedly said the stablecoins’ origin were suspicious.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Evgeny Gaevoy, the CEO of Crypto market maker Wintermute, said 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.
Gaevoy explained that the bankrupt FTX estate had tasked the liquidity provider to facilitate the sale of $11.2 million worth of USN stablecoins.
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.
However, Aurora and Near Foundation have “unilaterally decided to refuse without providing any logical explanation.” Gaevoy said:
“[Near Foundation] refused to honor their commitments. 2.5 months later, we haven’t received any USDT for the USN sent to them in August. The final offer we got was 20% of the sum in question.”
He continued that:
“[Near Foundation] can call it however they want – 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.”
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.
USN was launched 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.
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 on X by Wu Blockchain.
Near Foundation and Aurora Labs are yet to respond to CryptoSlate’s request for additional commentary.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
Exploring the phenomena of inversion and un-inversion of the yield curve.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Web3’s impact on traditional sectors will be highlighted at Newconomics 2023 in Lisbon on November 14-15.
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
NEAR is a decentralized development platform built on top of the NEAR Protocol, which is a public, sharded, developer-friendly blockchain.
Evgeny Gaevoy is the Founder and CEO of Wintermute, a proprietary trading crypto market maker.
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