Wintermute takes advantage of the FDUSD crash: million-dollar profit thanks to an arbitrage strategy

After the temporary detachment from the dollar of the stablecoin FDUSD, Wintermute quickly transferred 75 million dollars in tokens, taking advantage of an arbitrage opportunity that may have generated over 3 million dollars in profit.

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Wintermute seizes the opportunity: 75 million in FDUSD transferred during the depeg for a potential million-dollar profit

The crypto ecosystem has always been a fertile ground for those who know how to seize opportunities on the fly

This is demonstrated by the recent case of Wintermute, a leading company in the market making of digital assets, which reacted swiftly to the depegging of the stablecoin FDUSD, moving as much as 75 million dollars in tokens

A stock that, according to on-chain data, might have generated a profit margin exceeding 3 million dollars.

Everything started on April 2, when the stablecoin FDUSD suddenly lost its peg to the US dollar, dropping to as low as $0.87

The event was triggered by the statements of Justin Sun, founder of the blockchain Tron, according to which the issuer of FDUSD, First Digital, would be insolvent.

The news triggered panic among investors, with a consequent loss of confidence and a temporary collapse in the value of the token.

Despite the uncertainty, Wintermute reacted promptly. According to the analysis platform blockchain Lookonchain, the market maker transferred approximately 75 million dollars in FDUSD to First Digital Labs within a few hours of the depeg.

The move suggests a targeted arbitrage operation: buying FDUSD at a discounted price during the bear and redeeming it later at the full value of 1:1 in US dollars, as guaranteed by First Digital.

If the purchase occurred near the minimum point, around $0.90, as Lookonchain hypothesizes, Wintermute could have cashed in over 3 million dollars at the time of the peg restoration

A masterstroke that demonstrates how, even in moments of greater volatility, it is possible to achieve consistent returns thanks to well-conceived strategies and timely data.

The statements of First Digital and the responses to the accusations

In response to Sun’s statements, First Digital denied any solvency issues. In a post published on X on April 3, the company reiterated that FDUSD is fully backed and that each token is redeemable in US dollars at a 1:1 ratio

The broadcaster has defined the attacks received as “unfounded,” emphasizing that its financial structure is solid and transparent, as stated in the press release:

“The irresponsible accusations of Justin Sun will not divert attention from the internal problems of Techteryx. Our stablecoin is perfectly supported and remains completely solvent.”

Despite these reassurances, doubts about the future of FDUSD remain. The stablecoin, in fact, was recently rated with a score of 4 (on a scale from 2 to 5) in the stability ranking of stablecoins developed by S&P Global Ratings.

According to the agency, the evaluation takes into account not only the quality of the underlying assets, but also elements such as governance, transparency, liquidity, and repayment capacity.

In any case, the depegging of FDUSD was not an isolated incident. According to Evgeny Gaevoy, founder of Wintermute, the recent shocks in the crypto markets, including the crashes recorded in the early months of 2025, are linked to dynamics of the traditional financial world

In particular, Gaevoy cited the impact of new tariff policies and events related to DeepSeek, a Chinese financial conglomerate increasingly present in the sector.

The ecosystem of criptovalute, already shaken by a maxi-liquidation of 2.24 billion dollars in February, has become extremely sensitive to public statements and macroeconomic events.

The behaviors of the market makers, in particular, are constantly monitored by analysts, in search of leading signals on possible market trends.

“html Wintermute and the art of arbitrage “

That of Wintermute is just the latest example of how arbitrage, the practice of exploiting price differences between markets, remains one of the most profitable and sophisticated strategies in the crypto world

The operation conducted with FDUSD represents a perfect synthesis of speed, precision, and trust in the protocols.

It remains to be seen whether the event will have broader regulatory or reputational repercussions. Meanwhile, Wintermute confirms itself as one of the key players in a sector where agility and knowledge of blockchain mechanisms can translate into million-dollar opportunities within a few hours.

In other words, the FDUSD case demonstrates how fragile the balance of stablecoins can be, but also how quickly experienced players can capitalize on momentary imbalances

In a constantly evolving environment, arbitrage strategies like that of Wintermute will continue to play a key role in the decentralized financial ecosystem.