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Wintermute vs. NEAR Foundation: A Feud Is Brewing Around The Failed USN Stablecoin

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Today’s Cryptocurrency Headline

A substantial amount of USN, a stablecoin on the NEAR blockchain that was sunsetted after it depegged last year, has triggered a very public spat between maker Wintermute and the Near Foundation. “Keeping things quiet is often a sensible approach to adversarial situations … However, doing things this way just doesn’t feel right to me in the post 3AC/Terra/FTX/Alameda world,” Wintermute CEO Evgeny Gaevoy wrote on X on Tuesday evening, in a thread he titled “How we are not really friends with Near and Aurora Labs going forward.”Gaevoy accused the Near Foundation of backtracking on a redemption deal after Wintermute helped the FTX bankruptcy estate liquidate 11.2 million USN.  “We executed the transaction providing over $11M to FTX creditors,” Gaevoy wrote. “While we acted on a proprietary basis (not as agent), we of course entered into the transaction based on the confidence that we could redeem USN to USDT on a 1-to-1 basis. This confidence was based on public statements by NF, Near introducing us to Aurora and Aurora confirming in private chats that they can facilitate the redemption.”Gaevoy said that Near Foundation has refused to honor the redemption, offering at one point to transfer just 20% of the total amount. He said Wintermute is considering legal action after suffering “direct harm.”

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin has new short-term BTC price targets as consolidation mixes with bouts of volatility.After a classic “short squeeze” took the largest cryptocurrency to near $36,000, Bitcoin market participants are highlighting key levels to look for from Nov. 8 onward.Bitcoin is facing hurdles overcoming resistance at the $36,000 mark, and several attempts to clear it have quickly faded. Now, sellers are becoming active on intraday timeframes, and data from exchange order books shows the buy side getting cautious.$40,000 remained the crunch psychological barrier.With $34,000 now a potential battleground should sell-side pressure push the market lower.These came in the form of $35,000 and $35,000 — the site of liquidity that could serve to replicate the short squeeze should bulls gain the upper hand.The support level is at $35,200 and the resistance level is at $36,600.

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