{"id":126392,"date":"2025-04-03T13:17:15","date_gmt":"2025-04-03T13:17:15","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126392"},"modified":"2025-04-03T13:17:15","modified_gmt":"2025-04-03T13:17:15","slug":"wintermute-transfers-75m-fdusd-since-depegs-in-3m-arbitrage-opportunity","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126392","title":{"rendered":"Wintermute transfers $75M FDUSD since depegs, in $3M arbitrage opportunity"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsMarket makers\u2019 blockchain transactions point to a potential $3 million arbitrage opportunity related to the depegging of the FDUSD stablecoin.<br \/>\nThe First Digital US dollar-pegged stablecoin (FDUSD) depegged on April 2, after Tron founder Justin Sun claimed that the stablecoin issuer was insolvent.<br \/>\nMarket marker Wintermute transferred over 75 million FDUSD tokens back to First Digital within a day since the stablecoin depegged to $0.87.<br \/>\nSource: Lookonchain\u201cSince $FDUSD depegged, #Wintermute has transferred 75M $FDUSD to First Digital Labs,\u201d wrote blockchain intelligence platform Lookonchain, in an April 3 X post, adding:<br \/>\n\u201cThey likely bought $FDUSD at a discount during the depeg and redeemed it 1:1 through First Digital\u2014making a solid profit.\u201d<br \/>\nSource: LookonchainWintermute 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.<br \/>\nRelated: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes<br \/>\nThe selling patterns of market makers have been closely watched since February\u2019s $2.24 billion crypto liquidation event, which saw large-scale selling from multiple market participants, including market makers.<br \/>\nReasons for the crypto market crash. Source: Evgeny GaevoyHowever, the crypto market crashes of 2025 have been \u201cdirectly linked to TradFi events,\u201d such as DeepSeek and Trump\u2019s tariffs, according to Evgeny Gaevoy, the founder of Wintermute.<br \/>\nRelated: 70% chance of crypto bottoming before June amid trade fears: Nansen<br \/>\nFirst Digital: \u201cOur stablecoin remains fully backed and solvent\u201d<br \/>\nDespite 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.<br \/>\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.<br \/>\nSource: First DigitalStill, some analytics tools have previously highlighted potential weaknesses in FDUSD\u2019s stability, which was rated as 4 or \u201cconstrained\u201d according to the S&amp;P Global Ratings\u2019 stablecoin stability assessment, shared with Cointelegraph on March 19.<br \/>\nSource: S&amp;P Global Ratings\u201cOur stablecoin stability assessments range from 2 (strong) to 5 (weak) in terms of a stablecoin&#8217;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&amp;P Global Ratings spokesperson told Cointelegraph, adding:<br \/>\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<br \/>\nFirst Digital said it would take legal action against Sun\u2019s false bankruptcy allegations, which led to the stablecoin\u2019s depegging.<br \/>\nMagazine: Financial nihilism in crypto is over \u2014 It\u2019s time to dream big again<a href=\"https:\/\/cointelegraph.com\/news\/wintermute-fdusd-depeg-market-makers-arbitrage?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsMarket makers\u2019 blockchain transactions point to a potential $3 million arbitrage opportunity related to the depegging of the FDUSD stablecoin. The First Digital US dollar-pegged stablecoin (FDUSD) depegged&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126392"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126392"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126392\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126392"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}