Archived tweet

Tweet thread by Evgeny Gaevoy:

Public service announcement or “how we are not really friends with Near @NEARFoundation and Aurora Labs @auroraisnear going forward” Tweeted at 5:31 PM · Nov 7, 2023 0. Intro Keeping things quiet is often a sensible approach to adversarial situations. If you have been following the SBF trial, that’s exactly what Alameda/FTX did when they got “hacked” by people using “very profitable trading strategies” in $MOB and other tokens. However,… Tweeted at Nov 7 1. USN background At the center of the issue is Near’s ill fated stablecoin, USN, initially designed to be algorithmic not too dissimilar to Terra’s UST. After UST collapsed, USN was upgraded to a non-algorithmic model in June 2022, which was fully backed by USDT. After USN… Tweeted at Nov 7 2. Transaction background Since spring this year Wintermute has been working with FTX bankruptcy estate to facilitate liquidations of their assets for the maximization of creditor distributions. As part of this, we were asked to facilitate selling 11.2 million $USN (with FTX… Tweeted at Nov 7 3. Summary To reiterate, I see this situation very clearly as: - NF committed to backstop USN and earmarked money for it - Aurora accepted the redemption in August (and only last week backtracked on it) - NF decided they have the power to keep the $11M to themselves instead of… Tweeted at Nov 7 4. Message I’ll finish this thread with the last and public attempt at the resolution asking Near Foundation to complete the redemption. However if NF continues to be unreasonable about this situation, we are fully committed to switching into a full-time adversarial mode.… Tweeted at Nov 7