On February 22, Ethena Labs released news related to the Bybit security incident on X:
All spot assets supporting USDe are held in OTC custody solutions, including ByBit via Copper Clearloop. There is no spot-backed value on any exchange, including Bybit.
The total unrealized PNL (profits and losses) associated with Bybit's hedging position was less than $30 million and has now fallen to $10 million, less than half of the reserve fund.
The current USDe is still over-collateralized.
All USDe exchanges are carried out normally. At present, the liquid stablecoin supported by USDe is worth 2 billion US dollars. If users need it, it can be exchanged at any time.
Meanwhile, Ethena Labs said it is with Bybit and stands ready to assist it.
Ethena Labs: USDe assets unaffected by Bybit security incident
2025-02-22 06:37:26
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