As Wintermute position themselves to safeguard further liquidation and protect creditor interests, the importance of blockchain leadership is ever increasing, to ensure the 176 million FTX token holders are receiving a fair price.
Wintermute had been working closely with the FTX bankruptcy estate since the start of this year and managed to liquidate over $11 million of their assets, granting FTX creditors the option to redeem their USN for regulation-backed USDT in a 1-to-1 ratio – a step backed up by public statements from the NEAR Foundation and private assurance from Aurora.
Despite this, Wintermute’s 2.5-month-long endeavour ended in refusal as the NEAR Foundation refused to supply the agreed-upon quantity of USDT, implying only 20% of the received USN could be redeemed, thus leaving Wintermute discouraged.
Phoenix-like, Wintermute rose out of the ashes proposing the accepted 20% from the NEAR Foundation be invested in to locked NEAR tokens instead, as aobliation to the NEAR ecosystem, nevertheless the offer wasvoid and Wintermute’s plan pond negligible.
This debacle has continued to Ringwaves of talks, in regardships addressing finance redempt tendencies and the consequ conflictsof asettlement fordevelop industry security and global betconfidence.
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