According to Cointelegraph: Wintermute claims that Near Foundation reneged on an agreement to convert $11 million worth of its USN stablecoin, according to statements made by Wintermute's founder and CEO, Evgeny Gaevoy.

In a Twitter post on November 7, Gaevoy alleged that Near failed to honor a commitment to facilitate the sale of $11.2 million worth of USN stablecoin for the FTX estate. Wintermute was reportedly working with FTX to liquidate assets for payment to its creditors, which involved the sale of $11.2 million in USN.

Gaevoy has claimed that the transaction, which provided $11 million to FTX creditors, was executed based on a supposed agreement with Near Foundation that Wintermute could redeem USN for Tether (USDT) at an equal ratio.

However, following a request for redemption by Wintermute, Near is said to have "refused to honor their commitments." According to Gaevoy, even after two and a half months from the transaction, Wintermute has not yet received any USDT.

Gaevoy further claims that Wintermute was given a final offer of 20% on the initial $11 million. Consequently, the trading firm is considering "all legal avenues" against Near and Aurora, the entities that enable asset transfers from the Ethereum network to the Near protocol.

USN was launched as an algorithmic stablecoin on April 25, 2022, by Decentral Bank, an independently operated project without any direct financial backing from the Near Foundation. However, in October, the Near Foundation set aside a $40-million fund for USN-to-USDT conversions following the under-collateralization of USN.

Gaevoy described his statement as a final public appeal for the Near Foundation to fulfill the redemption, warning that Wintermute would enter "a full-time adversarial mode" if Near Foundation continues to be "unreasonable" on this issue.

As of this writing, the Near Foundation and Aurora have not responded to these allegations.