Market maker blockchain transactions point to potential $3 million arbitration opportunities related to FDUSD’s slowdown in stablecoin.
Stablecoin (FDUSD), the first digital US dollar-raised to die on April 2nd after Tron founder Justin Sun claimed the stubcoin issuer was insolvent.
Since Stablecoin fell to $0.87, we have returned 75 million FDUSD tokens to the first digital within a day.
Source: LookonChain
“Since $fdusd has dropped, #wintermute has transferred 75m $fdusd to its first digital lab,” he wrote Blockchain Intelligence Platform LookonChain on the X-Post on April 3, adding:
“They probably bought $fdusd at a discount during depeg and redeemed 1:1 through the first digital.
Source: LookonChain
WinterMute won tokens from Binance, with over 31 million FDUSD tokens earning tokens from Binance shortly after Depegging occurred. “Suppose you bought $FDUSD for $0.90 near the bottom, you’re going to make over $3 million when $FDUSD returns to PEG,” added Lookonchain.
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Market makers’ sales patterns have been closely watched since the $2.24 billion crypto liquidation event in February, with massive sales from multiple market participants, including market makers.
The reason for the crypto market crash. Source: Evgeny Gaevoy
However, according to Wintermute founder Evgeny Gaevoy, the 2025 crypto market crash “links directly to Tradfi events,” and “links directly to Tradfi events,” including Deepseek and Trump’s tariffs.
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First Digital: “Our Stablecoin is completely backed and remains a solvent.”
Despite the bankruptcy claims, the first digital user assured him that he is completely solvent, saying that FDUSD is still fully supported and will be redeemed in USD on a 1:1 basis.
“First Digital Stands Firm: Justin Sun’s unfounded accusations are not distracting from Techteryx’s own mistakes. Our Stablecoin FDUSD remains a fully-lined solvent.”
Source: First Digital
Still, some analytical tools have previously highlighted the potential weaknesses of FDUSD stability. This was rated 4 or “constraint” according to S&P Global Ratings’ Stablecoin Stability Assessment shared with Cointelegraph on March 19th.
Source: S&P Global Evaluation
“Our stability ratings range from 2 (strong) to 5 (weak) in terms of Stablecoin’s ability to keep PEG in Fiat currency,” S&P Global Ratiss Spokespers told Cointelegraph.
“Widths in other areas, such as regulation and oversight, governance, transparency, liquidity and redemption potential, and performance, have contributed to a low-value stable.”
The first digital said it would take legal action against Sun’s false bankruptcy claim, which led to the deterioration of Stablecoin.
https://www.youtube.com/watch?v=abn8nvgdw34
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