Source: Lookonchain“Since $FDUSD depegged, #Wintermute has transferred 75M $FDUSD to First Digital Labs,” wrote blockchain intelligence platform Lookonchain, in an April 3 X post, adding:“They likely bought $FDUSD at a discount during the depeg and redeemed it 1:1 through First Digital—making a solid profit.”Source: LookonchainWintermute with over 31 million FDUSD tokens from Binance right after the depegging occurred.“Assuming they bought $FDUSD near the bottom at $0.90, they would make over $3M when $FDUSD returned to the peg,” added Lookonchain.
Related: 70% chance of crypto bottoming before June amid trade fears: NansenFirst Digital: “Our stablecoin remains fully backed and solvent”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.“First Digital stands firm: Justin Sun’s baseless accusations won’t distract from Techteryx’s own failures— our stablecoin FDUSD remains fully backed and solvent,” wrote First Digital in an April 3 X post.
Source: First DigitalStill, some analytics tools have previously highlighted potential weaknesses in FDUSD’s stability, which was rated as 4 or “constrained” according to the S&P Global Ratings’ stablecoin stability assessment, shared with Cointelegraph on March 19.
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Author / Journalist: Cointelegraph by Zoltan Vardai
The story "Wintermute transfers $75M FDUSD since depegs, in $3M arbitrage opportunity" has 362 words across 12 sentences, which will take approximately 2 - 4 minutes for the average person to read.
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