Developers at Ethena (ENA)

Developers at Ethena (ENA), which has been in the spotlight after Bybit suffered a major hack, have shared new information about the situation.

On concerns that the peg of the Ethena ecosystem’s stablecoin USDe to $1 could be affected by this incident, the developers said:

> “We are currently aware of the evolving situation with Bybit and continue to monitor developments.
>
> As a reminder: all spot assets backing USDe are held in over-the-counter custody solutions, including ByBit via Copper Clearloop, for this very reason.
>
> Not a single dollar of spot collateral is held on any exchange, including Bybit.
>
> Currently, the total unrealized PNL losses on Bybit hedge positions are under $30 million, less than half of the reserve fund.
>
> USDe is currently fully collateralized.
>
> We will share updates with you as they become available.”

*This is not investment advice.