Ethena Labs Eliminates Bybit Hack Exposure
Ethena Labs has announced that its potential losses from the Bybit hack are now zero. This update comes after the Ethereum-based synthetic dollar protocol, Ethena, reassured users about its USDe stablecoin’s minimal risk.
Initially, Ethena reported an unrealized PNL exposure under $30 million. Unrealized PNL refers to potential profits or losses on open positions. The team explained, “We are monitoring the Bybit situation closely. All USDe spot assets are held in secure custody, not on exchanges.”
Following the $1.4 billion Bybit hack, Ethena ensured that no funds backing USDe were on exchanges, including Bybit.The team clarified that less than $30 million in unrealized PNL was linked to Bybit hedge positions. Despite this, USDe remained fully collateralized.
The exposure decreased over time, dropping to $10 million before reaching zero. This update confirms Ethena’s commitment to protecting user funds and maintaining stability.
