Ethena (ENA) — Onchain News & Whale Tracking

Ethena Stands with Bybit, Ready to Provide Any Assistance at Any Time

On February 22nd, Ethena Labs announced in a post update that "the previously stated $30 million unrealized profit has been decreased to $10 million, and we anticipate exposing the unrealized profit on Bybit to zero within the next hour." The current total supply of the USDe-backed stablecoin is $2 billion, and users can redeem it promptly if required. All USDe redemption functions are functioning normally. Our thoughts are with Bybit, and we are prepared to offer any possible assistance at any time.

Ethena: Bybit's hedge position-related PNL is less than $30 million, with USDC spot assets custodied outside of CEX

On February 22nd, Ethena Labs declared, "We have been keeping a close eye on the current situation that Bybit is experiencing and will continuously monitor the latest developments. A reminder: all USDe-supported spot assets are held in custody solutions outside the exchange, such as Bybit's custody via Copper Clearloop, in anticipation of such circumstances." "No USD-backed spot funds are deposited on any exchange, including Bybit. Currently, the unrealized total profit and loss (PNL) related to Bybit's hedging position is less than $30 million, which is significantly below half of the reserve fund." "USDe is currently still fully overcollateralized. We will offer updates as and when we receive more information."

Ethena Releases January USDe Asset Custody Attestation

On January 30th, Ethena issued the January USDe Asset Custody Proof. Based on official figures as of 18:00 Beijing time on January 22, 2025: · The supply of USDe is 5.739 billion. · The copper custodied funds are $2.573 billion. · The Ceffu custodied funds are $3.045 billion. · The Cobo custodied funds are $5.08 million. · Ethena holds $100 million in the Coinbase Web3 wallet. · Ethena's minting/redeeming contract has $30 million available to meet redemption demands, and there is $60.41 million in the reserve fund. · The total assets account for 101.30% of USDe.