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 team stated that PNL exposure was under $30 million.
According to the latest update, no funds backing USDe’s spot reserves were held on exchanges, including Bybit.

Great news from Ethena Labs, confirming zero unrealized PNL exposure to Bybit hack. Security measures paying off!