NEAR Foundation Rejection of 11.2 Million Dollars USN Redemption Stirs Cryptocurrency Debate

Crypto News– Wintermute, which had established a close working relationship with the FTX bankruptcy estate earlier this year, recently disclosed its pivotal role in facilitating the liquidation of assets. This effort resulted in generating an impressive sum exceeding $11 million, intended for FTX creditors. The basis of this transaction hinged on the understanding that the USN could be redeemed for USDT at a straightforward 1-to-1 ratio.

NEAR Foundation Rejection of 11.2 Million Dollars USN Redemption Stirs Cryptocurrency Debate

Wintermute’s confidence in this exchange arrangement was significantly bolstered by public statements made by the NEAR Foundation. Additionally, private conversations with Aurora provided further assurance, confirming the viability of the redemption process to be completed within a matter of days. However, despite Wintermute’s diligent efforts and its timely submission of the redemption request, the NEAR Foundation chose to backtrack on its commitments, leaving Wintermute empty-handed when it came to the anticipated USDT corresponding to the USN transferred back in August.

After enduring a prolonged wait of 2.5 months, the NEAR Foundation presented a final offer that amounted to a mere 20% of the originally agreed-upon sum. This development understandably left Wintermute deeply disheartened by the situation.

In an attempt to find a constructive solution that could benefit the NEAR ecosystem, Wintermute proposed an alternative approach. This proposal involved Wintermute accepting a significant portion of the outstanding sum as an investment in locked $NEAR tokens, along with a commitment to integrate further into the ecosystem.