Wintermute CEO: Near Foundation Reneges on $11 Million Stablecoin Conversion

Wintermute CEO: Near Foundation Backs Out of $11 Million Stablecoin Conversion

Evgeny Gaevoy, the founder and CEO of Wintermute, a prominent cryptocurrency trading firm, has accused the Near Foundation of reneging on a deal to convert $11 million worth of its stablecoin.

The dispute stems from Wintermute’s attempt to exchange a significant amount of Near’s stablecoin. Gaevoy claims that the Near Foundation initially agreed to the conversion but later backed out without providing any explanation.

“We had a commitment from the Near Foundation to convert $11 million of their stablecoin into another stablecoin,” Gaevoy stated. “However, they abruptly changed their stance and rescinded the offer, leaving us high and dry.”

Wintermute is an established player in the cryptocurrency trading sector, specializing in offering liquidity solutions to projects like Near. The company maintains a solid reputation within the industry, which makes the recent incident all the more surprising.

Despite Wintermute’s disappointment, Gaevoy remains optimistic that the issue can be resolved through open dialogue. He intends to engage with the Near Foundation and seek clarification on the sudden reversal.

The CEO emphasizes the need for trust and transparency in the crypto space and highlights the importance of upholding commitments made within the industry. Such incidents could undermine confidence and hinder the growth of the sector as a whole.

Wintermute has been actively engaged in promoting healthy practices and ethical behavior across the cryptocurrency ecosystem. The company has previously advocated for increased regulatory oversight to eradicate fraudulent activities and enhance investor protection.

It remains to be seen how the Near Foundation will respond to Wintermute’s allegations and whether they will take steps to rectify the situation. Gaevoy believes that resolving the issue promptly and amicably would be in the best interest of all parties involved.

In conclusion, Wintermute founder and CEO Evgeny Gaevoy has expressed disappointment over the Near Foundation’s decision to back out of an $11 million stablecoin conversion. While the reasons behind this sudden reversal remain unclear, Gaevoy remains hopeful that open dialogue can resolve the issue and prevent any damage to the reputation of the crypto industry.


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