Ethena Labs Reveals Zero Unrealized PNL Exposure To Bybit

Ethena Labs has provided an update confirming that its unrealized PNL exposure to the hacked crypto exchange Bybit is now zero.
The update follows an earlier post in which the Ethereum-based synthetic dollar protocol reassured users that its USDe stablecoin had minimal exposure to the incident.
Previously, the Ethena (ENA) team stated that PNL exposure was under $30 million.
“We are aware of the situation currently evolving with Bybit and are continuing to monitor developments.As a reminder: all spot assets backing USDe are held in off exchange custody solutions, including ByBit via Copper Clearloop for this precise reason,” Ethena Labs said in the wake of the $1.4 billion Bybit hack.
According to the latest update, no funds backing USDe’s spot reserves were held on exchanges, including Bybit.
In financial markets, unrealized PNL exposure refers to the profit or loss an entity may incur on open positions. Also known as floating PNL, it represents the potential gain or loss if all open positions were closed immediately.
The Ethena team clarified that less than $30 million in unrealized PNL was tied to Bybit hedge positions. Despite this, USDe remained fully collateralized at the time. The team also noted that the exposure would decrease further in the coming hours.
This amount reportedly dropped to $10 million, before eventually reaching zero.
Ether Surges 16% Amid Speculation Of US ETF Approval
New York, USA – Ether, the second-largest cryptocurrency by market capitalization, experienced a significant surge of ... Read more
BlackRock And The Institutional Embrace Of Bitcoin
BlackRock’s strategic shift towards becoming the world’s largest Bitcoin fund marks a pivotal moment in the financia... Read more
Robinhood Faces Regulatory Scrutiny: SEC Threatens Lawsuit Over Crypto Business
Robinhood, the prominent retail brokerage platform, finds itself in the regulatory spotlight as the Securities and Excha... Read more
4 Reasons Pi Network Price Crashed After Mainnet Launch
Pi Network crashed after the mainnet launch, leading to a $6 billion wipeout in the first two days. Pi Network (PI) wa... Read more
NFT Sales Surge 19.6% To $152.9m, Doodles Dethrones Pudgy Penguins
The NFT market has rebounded despite crypto price weakness, with Bitcoin dipping to $96,000 and Ethereum unable to break... Read more
Crypto VC Funding: Blockaid Secures $50 Million, Cygnus Raises $20 Million
The third week of February saw major investments in security and infrastructure, with Blockaid leading the way with a $5... Read more