{"id":20404,"date":"2025-04-03T12:32:06","date_gmt":"2025-04-03T12:32:06","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=20404"},"modified":"2025-04-03T12:32:06","modified_gmt":"2025-04-03T12:32:06","slug":"wintermute-transfers-75m-fdusd-since-depegs-in-3m-arbitrage-opportunity","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=20404","title":{"rendered":"Wintermute transfers $75M FDUSD since depegs, in $3M arbitrage opportunity"},"content":{"rendered":"
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\"Wintermute<\/p>\n

Market makers\u2019 blockchain transactions point to a potential $3 million arbitrage opportunity related to the depegging of the FDUSD stablecoin.<\/p>\n

The First Digital US dollar-pegged stablecoin (FDUSD)<\/a> depegged on April 2, after Tron founder Justin Sun claimed that the stablecoin issuer was insolvent.<\/p>\n

Market marker Wintermute transferred over 75 million FDUSD tokens back to First Digital within a day since the stablecoin depegged to $0.87.<\/p>\n

\"Wintermute
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Source: <\/em>Lookonchain<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

\u201cSince $FDUSD depegged, #Wintermute has transferred 75M $FDUSD to First Digital Labs,\u201d wrote blockchain intelligence platform Lookonchain, in an April 3 X post<\/a>, adding:<\/p>\n

\u201cThey likely bought $FDUSD at a discount during the depeg and redeemed it 1:1 through First Digital\u2014making a solid profit.\u201d<\/p><\/blockquote>\n

\"Wintermute
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Source: <\/em>Lookonchain<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Wintermute with over 31 million FDUSD tokens from Binance right after the depegging occurred. \u201cAssuming they bought $FDUSD near the bottom at $0.90, they would make over $3M when $FDUSD returned to the peg,\u201d added Lookonchain.<\/p>\n

Related: <\/strong><\/em>Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes<\/strong><\/em><\/a><\/p>\n

The selling patterns of market makers have been closely watched since February\u2019s $2.24 billion crypto liquidation<\/a> event, which saw large-scale selling from multiple market participants, including market makers.<\/p>\n

\"Wintermute
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Reasons for the crypto market crash. Source: <\/em>Evgeny Gaevoy<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

However, the crypto market crashes<\/a> of 2025 have been \u201cdirectly linked to TradFi events,\u201d such as DeepSeek<\/a> and Trump\u2019s tariffs, according to Evgeny Gaevoy, the founder of Wintermute.<\/p>\n

Related: <\/strong><\/em>70% chance of crypto bottoming before June amid trade fears: Nansen<\/strong><\/em><\/a><\/p>\n

First Digital: \u201cOur stablecoin remains fully backed and solvent\u201d<\/h2>\n

Despite the insolvency claims, First Digital assured users they are completely solvent and said that FDUSD is still fully backed and redeemable with the US dollar on a 1:1 basis.<\/p>\n

\u201cFirst Digital stands firm: Justin Sun\u2019s baseless accusations won\u2019t distract from Techteryx\u2019s own failures\u2014 our stablecoin FDUSD remains fully backed and solvent,\u201d wrote First Digital in an April 3 X post.<\/p>\n

\"Wintermute
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Source: <\/em>First Digital<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Still, some analytics tools have previously highlighted potential weaknesses in FDUSD\u2019s stability, which was rated as 4 or \u201cconstrained\u201d according to the S&P Global Ratings\u2019 stablecoin stability assessment, shared with Cointelegraph on March 19.<\/p>\n

\"Wintermute
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Source: <\/em>S&P Global<\/em><\/a> Ratings<\/em><\/p>\n<\/figcaption><\/figure>\n

\u201cOur stablecoin stability assessments range from 2 (strong) to 5 (weak) in terms of a stablecoin’s ability to maintain its peg to a fiat currency,\u201d and \u201cthe quality of the assets backing the stablecoin is a critical driver of the final assessment,\u201d an S&P Global Ratings spokesperson told Cointelegraph, adding:<\/p>\n

\u201cWeaknesses in other areas, including regulation and supervision, governance, transparency, liquidity and redeemability, and track record, contributed to those stablecoins with lower assessments.\u201d<\/p><\/blockquote>\n

First Digital said it would take legal action against Sun\u2019s false bankruptcy allegations, which led to the stablecoin\u2019s depegging.<\/p>\n