Wintermute抓住了機會：在DEPEG期間轉移了7500萬個FDUSD，以獲得百萬美元的利潤

對於那些知道如何即時抓住機會的人來說，加密生態系統一直是肥沃的基礎。

After the temporary detachment from the dollar of the stablecoin FDUSD, the leading market maker Wintermute rapidly transferred 75 million dollars in tokens, seizing an arbitrage opportunity that may have generated over 3 million dollars in profit.

在暫時脫離了Stablecoin FDUSD美元的臨時支隊之後，領先的市政機構迅速轉移了7500萬美元的代幣，奪取了套利機會，可能已經產生了超過300萬美元的利潤。

Let’s see all the details in this article.

讓我們看看本文中的所有細節。

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

Wintermute抓住了機會：在DEPEG期間轉移了7500萬個FDUSD，以獲得百萬美元的利潤

Wintermute抓住了機會：在DEPEG期間轉移了7500萬個FDUSD，以獲得百萬美元的利潤

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

對於那些知道如何即時抓住機會的人來說，加密生態系統一直是肥沃的。

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.

最近的一家數字資產市場製造的領先公司Wintermute案證明了這一點，該公司對Stablecoin Fdusd的訴訟產生了迅速的反應，在代幣中移動了多達7500萬美元。

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

根據鏈數據，該股票可能產生的利潤率超過300萬美元。

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

一切始於4月2日，當時Stablecoin Fdusd突然損失了釘子，達到美元，低至0.87美元。

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.

該事件是由區塊鏈Tron的創始人賈斯汀·孫（Justin Sun）的陳述觸發的，據此，First Digital的發行人將無力償債。

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

該消息引起了投資者的恐慌，隨之而來的是信心喪失，代幣的價值暫時崩潰。

Despite the uncertainty, Wintermute responded 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.

儘管存在不確定性，但溫特穆特（Wintermute）還是迅速做出了回應。根據分析平台區塊鏈Lookonchain，做市商在DEPEG幾個小時內將大約7500萬美元的FDUSD轉移到了第一個數字實驗室。

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.

此舉表明有針對性的套利行動：在熊期間以折扣價購買FDUSD，並以稍後的價值為1：1以美元的全部價值兌換，並由第一數字保證。

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.

如果購買發生在最低點附近，則大約0.90美元，如Lookonchain的假設，Wintermute在PEG修復時可能以超過300萬美元的價格兌現。

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.

一項大師賽證明，即使在波動性更大的時刻，由於構成良好的策略和及時的數據，也有可能獲得一致的回報。

The statements of First Digital and the responses to the accusations

第一個數字的陳述以及對指控的回應

第一個數字的陳述以及對指控的回應

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.

為了響應Sun的陳述，首先否認了任何償付能力問題。在4月3日在X上發布的一篇文章中，該公司重申，FDUSD得到了完全支持，並且每個令牌都可以以1：1的比例兌換。

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

廣播公司將收到的攻擊定義為“毫無根據”，強調其財務結構是牢固而透明的，如新聞稿中所述：

“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.”

“賈斯汀·孫（Justin Sun）的不負責任的指控不會轉移到Techteryx的內部問題上。我們的Stablecoin得到了完美的支持，並且仍然完全溶劑。”

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.

儘管有這些保證，但對FDUSD的未來仍然存在懷疑。實際上，在S＆P Global Ratings開發的Stablecoins的穩定性排名中，該穩定幣最近被評為4（比例為2至5）。

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.

根據該機構的說法，評估不僅考慮了基本資產的質量，還考慮了治理，透明度，流動性和還款能力等要素。

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.

無論如何，FDUSD的Depegggging並不是孤立的事件。根據Wintermute的創始人Evgeny Gaevoy的說法，最近幾個月初期記錄的加密貨幣市場的衝擊與傳統金融世界的動態有關。

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

特別是，蓋沃伊（Gaevoy）引用了與中國金融集團越來越多地存在於該行業的新關稅政策和事件的影響。

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.

Criptovalute的生態系統已經被2月的22.4億美元的最大流動性動搖了，對公眾聲明和宏觀經濟事件非常敏感。

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

尤其是，分析師不斷監控做市商的行為，以尋找有關市場趨勢的主要信號。

Wintermute and the art of arbitrage

冬季和套利藝術

冬季和套利藝術

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.

Wintermute只是最新的例子，說明套利，利用市場之間價格差異的做法仍然是加密貨幣世界中最有利可圖，最複雜的策略之一。

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

使用FDUSD進行的操作代表了對協議的速度，精度和信任的完美綜合。

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.

該事件是否會產生更廣泛的監管或聲譽影響，還有待觀察。同時，Wintermute確認自己是一個領域的主要參與者之一，在該領域，敏捷性和區塊鏈機制的知識可以在幾個小時內轉化為百萬美元的機會。

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.

換句話說，FDUSD案例表明，穩定菌的平衡可能是多麼脆弱，而且經驗豐富的玩家可以多快地利用瞬間的失衡。

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

在不斷發展的環境中，像Wintermute這樣的套利策略將繼續在分散的金融生態系統中發揮關鍵作用。