Market Maker Wintermute Secures $3 Million Profit From FDUSD Depeg

Wintermute, a prominent crypto market maker, profited nearly $3 million from the recent depegging of the FDUSD stablecoin by capitalizing on arbitrage opportunities. The firm purchased over 75 million FDUSD tokens at a discount on Binance following the rapid decline in value to $0.87 and redeemed them shortly afterward at their full value through First Digital, the FDUSD issuer. This move resulted in an estimated $3 million profit when FDUSD stabilized. blockchain data shows Wintermute transferred over 31 million FDUSD tokens from Binance during this depegging period.