Wintermute抓住了机会：在DEPEG期间转移了7500万个FDUSD，以获得百万美元的利润

对于那些知道如何即时抓住机会的人来说，加密生态系统一直是肥沃的基础。

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.

在暂时脱离了Stablecoin FDUSD美元的临时支队之后，领先的市政机构迅速转移了7500万美元的代币，夺取了套利机会，可能已经产生了超过300万美元的利润。

Let’s see all the details in this article.

让我们看看本文中的所有细节。

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

Wintermute抓住了机会：在DEPEG期间转移了7500万个FDUSD，以获得百万美元的利润

Wintermute抓住了机会：在DEPEG期间转移了7500万个FDUSD，以获得百万美元的利润

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

对于那些知道如何即时抓住机会的人来说，加密生态系统一直是肥沃的。

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.

最近的一家数字资产市场制造的领先公司Wintermute案证明了这一点，该公司对Stablecoin Fdusd的诉讼产生了迅速的反应，在代币中移动了多达7500万美元。

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

根据链数据，该股票可能产生的利润率超过300万美元。

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

一切始于4月2日，当时Stablecoin Fdusd突然损失了钉子，达到美元，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.

该事件是由区块链Tron的创始人贾斯汀·孙（Justin Sun）的陈述触发的，据此，First Digital的发行人将无力偿债。

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

该消息引起了投资者的恐慌，随之而来的是信心丧失，代币的价值暂时崩溃。

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.

尽管存在不确定性，但温特穆特（Wintermute）还是迅速做出了回应。根据分析平台区块链Lookonchain，做市商在DEPEG几个小时内将大约7500万美元的FDUSD转移到了第一个数字实验室。

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.

此举表明有针对性的套利行动：在熊期间以折扣价购买FDUSD，并以稍后的价值为1：1以美元的全部价值兑换，并由第一数字保证。

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.

如果购买发生在最低点附近，则大约0.90美元，如Lookonchain的假设，Wintermute在PEG修复时可能以超过300万美元的价格兑现。

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.

一项大师赛证明，即使在波动性更大的时刻，由于构成良好的策略和及时的数据，也有可能获得一致的回报。

The statements of First Digital and the responses to the accusations

第一个数字的陈述以及对指控的回应

第一个数字的陈述以及对指控的回应

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.

为了响应Sun的陈述，首先否认了任何偿付能力问题。在4月3日在X上发布的一篇文章中，该公司重申，FDUSD得到了完全支持，并且每个令牌都可以以1：1的比例兑换。

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

广播公司将收到的攻击定义为“毫无根据”，强调其财务结构是牢固而透明的，如新闻稿中所述：

“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.”

“贾斯汀·孙（Justin Sun）的不负责任的指控不会转移到Techteryx的内部问题上。我们的Stablecoin得到了完美的支持，并且仍然完全溶剂。”

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.

尽管有这些保证，但对FDUSD的未来仍然存在怀疑。实际上，在S＆P Global Ratings开发的Stablecoins的稳定性排名中，该稳定币最近被评为4（比例为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.

根据该机构的说法，评估不仅考虑了基本资产的质量，还考虑了治理，透明度，流动性和还款能力等要素。

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.

无论如何，FDUSD的Depegggging并不是孤立的事件。根据Wintermute的创始人Evgeny Gaevoy的说法，最近几个月初期记录的加密货币市场的冲击与传统金融世界的动态有关。

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

特别是，盖沃伊（Gaevoy）引用了与中国金融集团越来越多地存在于该行业的新关税政策和事件的影响。

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的生态系统已经被2月的22.4亿美元的最大流动性动摇了，对公众声明和宏观经济事件非常敏感。

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，分析师不断监控做市商的行为，以寻找有关市场趋势的主要信号。

Wintermute and the art of arbitrage

冬季和套利艺术

冬季和套利艺术

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，说明套利，利用市场之间价格差异的做法仍然是加密货币世界中最有利可图，最复杂的策略之一。

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

使用FDUSD进行的操作代表了对协议的速度，精度和信任的完美综合。

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.

该事件是否会产生更广泛的监管或声誉影响，还有待观察。同时，Wintermute确认自己是一个领域的主要参与者之一，在该领域，敏捷性和区块链机制的知识可以在几个小时内转化为百万美元的机会。

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.

换句话说，FDUSD案例表明，稳定菌的平衡可能是多么脆弱，而且经验丰富的玩家可以多快地利用瞬间的失衡。

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

在不断发展的环境中，像Wintermute这样的套利策略将继续在分散的金融生态系统中发挥关键作用。