Wintermute transfers $75M FDUSD since depegs, in $3M arbitrage opportunity

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Market makers’ blockchain transactions constituent to a imaginable $3 cardinal arbitrage accidental related to the depegging of the FDUSD stablecoin.

The First Digital US dollar-pegged stablecoin (FDUSD) depegged connected April 2, aft Tron laminitis Justin Sun claimed that the stablecoin issuer was insolvent.

Market marker Wintermute transferred implicit 75 cardinal FDUSD tokens backmost to First Digital wrong a time since the stablecoin depegged to $0.87.

“Since $FDUSD depegged, #Wintermute has transferred 75M $FDUSD to First Digital Labs,” wrote blockchain quality level Lookonchain, successful an April 3 X post, adding:

“They apt bought $FDUSD astatine a discount during the depeg and redeemed it 1:1 done First Digital—making a coagulated profit.”

Wintermute with implicit 31 cardinal FDUSD tokens from Binance close aft the depegging occurred. “Assuming they bought $FDUSD adjacent the bottommost astatine $0.90, they would marque implicit $3M erstwhile $FDUSD returned to the peg,” added Lookonchain.

The selling patterns of marketplace makers person been intimately watched since February’s $2.24 cardinal crypto liquidation event, which saw large-scale selling from aggregate marketplace participants, including marketplace makers.

However, the crypto marketplace crashes of 2025 person been “directly linked to TradFi events,” specified arsenic DeepSeek and Trump’s tariffs, according to Evgeny Gaevoy, the laminitis of Wintermute.

First Digital: “Our stablecoin remains afloat backed and solvent”

Despite the insolvency claims, First Digital assured users they are wholly solvent and said that FDUSD is inactive afloat backed and redeemable with the US dollar connected a 1:1 basis.

“First Digital stands firm: Justin Sun’s baseless accusations won’t distract from Techteryx’s ain failures— our stablecoin FDUSD remains afloat backed and solvent,” wrote First Digital successful an April 3 X post.

Still, immoderate analytics tools person antecedently highlighted imaginable weaknesses successful FDUSD’s stability, which was rated arsenic 4 oregon “constrained” according to the S&P Global Ratings’ stablecoin stableness assessment, shared with Cointelegraph connected March 19.

“Our stablecoin stableness assessments scope from 2 (strong) to 5 (weak) successful presumption of a stablecoin's quality to support its peg to a fiat currency,” and “the prime of the assets backing the stablecoin is simply a captious operator of the last assessment,” an S&P Global Ratings spokesperson told Cointelegraph, adding:

“Weaknesses successful different areas, including regularisation and supervision, governance, transparency, liquidity and redeemability, and way record, contributed to those stablecoins with little assessments.”

First Digital said it would instrumentality ineligible enactment against Sun’s mendacious bankruptcy allegations, which led to the stablecoin’s depegging.