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esmeralda
@esmeralda
Ethena assures users of solvency after Bybit hack Ethena Labs assured users that its yield-bearing stablecoin, USDe, remains solvent despite Bybit’s $1.4 billion hack. The protocol has ~$30 million exposure to Bybit derivatives but claims its $46 million reserve fund can cover losses. USDe’s crypto backing is held off-exchange with Copper, reducing risk. Ethena mints USDe against assets like BTC and ETH, hedging volatility using offchain derivatives. The project’s high yields attract stablecoin holders but pose centralization risks. Bybit CEO Ben Zhou confirmed withdrawals remain open but may be delayed.
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