EthenaEthena publishes USDe Proof of Reserves after Binance incident
Ethena said it is monitoring a potential security incident related to Binance and quantified its exposure: total unrealized PNL exposure to Binance is ~$8.8m, far below the excess reserve fund of >$60m. In response to the events, Ethena published a Proof of Reserves for USDe, noting that such reports are typically provided weekly by third-party independent attestors, including Chainlink and Llama Risk, and linking the emergency attestation in its announcement.
- All collateral with exchange exposure sits with off-exchange custodians rather than directly with the exchanges.
- Market-neutral positioning keeps the protocol's collateral outside direct exchange custody.
- Ethena said it will provide updates as more details on the incident emerge.
Sources
- https://t.co/aiZp6KIg0I https://t.co/PWjHcFqLfQ Replying to their earlier post: USDe Proof of Reserves are typically provided on a weekly basis by 3rd party independent attestors including leading firms such Chainlink and Llama Risk. Following the events that have unfolded in th…x.com ↗
- USDe Proof of Reserves are typically provided on a weekly basis by 3rd party independent attestors including leading firms such Chainlink and Llama Risk. Following the events that have unfolded in the last few hours, we have provided a Proof of Reserves which has been linkedx.com ↗
- The total unrealized PNL exposure to Binance is ~$8.8m, far below the excess reserve fund of >$60m. All information on the backing collateral and reserve fund can be found in the link below: https://t.co/2X1RSNJv2Y Our proof of reserve attestation run by several external Replying to their earlier post: We are of a potential security incident related to Binance. As a reminder all collateral with exposure to exchanges resides in off- exchange custodians, not directly with the exchange themselves. As…x.com ↗
- We are of a potential security incident related to Binance. As a reminder all collateral with exposure to exchanges resides in off- exchange custodians, not directly with the exchange themselves. As we learn more details on the incident we will provide updates here.x.com ↗
Ethena
