when

USDe

Ethena

<p class="is-style-lead">PeckShield analysts reported a security incident with the Ethena Labs project on March 29.</p>
<p>Experts say the vulnerability underlying the exploit is still unknown. According to PeckShield, it resulted in the loss of 480 BNB, equivalent to around $290,000 at the time of writing.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ENA</a> (Ethena Labs) on <a href="https://twitter.com/hashtag/BNBChain?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BNBChain</a> has been exploited, resulting in a loss of 480 <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BNB</a> (worth ~$290K)<br><br>*Note*: The token shares the same name as the legitimate ones</p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1773630655848743329?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 29, 2024</a>
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<p>In a comment to the post, X users suggested that the incident was about creating a fake ENA token. The <a href="https://crypto.news/tag/defi/" target="_blank" rel="noopener noreferrer nofollow">defi</a> strategist, nicknamed Defi_Maestro, noted that <a href="https://crypto.news/tag/PeckShield/" target="_blank" rel="noopener noreferrer nofollow">PeckShield</a> mentions the fake ENA token created on the BNB network.</p>
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   <p lang="en" dir="ltr">My <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ENA</a> shards play that i did with YT <a href="https://twitter.com/search?q=%24USDe&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USDe</a> will prob go down as my best play for the year. <br><br>Went in with conviction despite plenty of skepticism from most. <br><br>Stuck to my gameplan and doubled down when caps were gradually increased. <br><br>Seems like I will be heavily rewarded as…</p>— Defi_Maestro ✺ (@Defi_Maestro) <a href="https://twitter.com/Defi_Maestro/status/1773616388227355055?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 29, 2024</a>
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<p>At the same time, the Ethena Labs team did not comment on the incident with the token in the BNB network. In the latest mention of the <a href="https://crypto.news/tag/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> crypto exchange, the Ethena Labs team announced the project’s launch on <a href="https://crypto.news/binance-labs-announces-first-batch-of-sixth-season-incubation-projects/" target="_blank" rel="noopener noreferrer nofollow">Binance Launchpool</a>.</p>
<p>In February 2024, Ethena Labs completed a $14 million strategic round and <a href="https://crypto.news/ethenas-usde-stablecoin-hits-public-mainnet-backed-by-eth-hedges-for-liquidity/" target="_blank" rel="noopener noreferrer nofollow">launched</a> the delta-neutral <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noopener noreferrer nofollow">stablecoin</a> USDe. As a result, in early March, the Ethena protocol took first place in profitability among decentralized applications (<a href="https://crypto.news/tag/dapps/" target="_blank" rel="noopener noreferrer nofollow">dapps</a>). It offered users 67.2% APR when staking in the USDe stablecoin.</p>
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   <p lang="en" dir="ltr">Ethena nr 3 in terms of revenue <a href="https://t.co/c14c3HL2Td" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/c14c3HL2Td</a></p>— Seraphim (@MacroMate8) <a href="https://twitter.com/MacroMate8/status/1766035968270709040?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 8, 2024</a>
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<p>However, part of the community expressed concern when the said stablecoin was launched on the market. The reason was the initial yield of USDe at 27.6% per annum. Users compared the asset with a similar indicator of the algorithmic stablecoin TerraUSD (UST). The company announced 20% per annum.</p>
<p>You might also like: <a href="https://crypto.news/stablecoin-market-cap-record/" rel="noopener noreferrer nofollow"> Stablecoin market capitalization sets record, surpasses $150b mark </a></p>

Ethena Labs reportedly suffers from security incident, analysts suspect $290k exploit

crypto.news

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