PANews reported on November 8 that in response to "Wintermute's accusation that the NEAR Foundation refused to fulfill the 11.2 million USN redemption commitment involving FTX", Illia Polosukhin, the new CEO of the NEAR Foundation and co-founder of Near Protocol, responded that the USN Protection Program (USNPP) was established by Aurora Borealis after USN undercollateralized in late October 2022 Ltd. (ABL) to protect affected individuals. In August 2023, almost a year after the USNPP was launched, Wintermute acquired 11.2 million USN from the Alameda estate (a bankrupt consortium) and asked to exchange it for USDT. Wintermute's redemption request is inconsistent with protecting affected individuals in the NEAR ecosystem. Wintermute's purchase of USN from Alameda also raises significant concerns about KYC/AML, as USN is of dubious origin, may be linked to illegal activities, and/or may be subject to future lawsuits or court orders. ABL exercised its discretion under the USNPP Terms of Use and denied Wintermute's redemption request. Polosukhin said Wintermute is trying to use USNPP for last-minute arbitrage to profit from the USN spread offered by Alameda estate. The goal of the USNPP is to ensure that individuals who actively participate in the NEAR ecosystem are fully compensated and continue to participate. As a seasoned market maker and investor, Wintermute's desire to end arbitrage by buying distressed assets was inconsistent with the purpose of the USNPP, so ABL rejected WM's request.