TechFlow news, February 22 — Ethena Labs issued an announcement addressing the Bybit security incident, stating that all spot assets backing USDe are held in off-exchange custody solutions, including assets on Bybit via Copper Clearloop.
The announcement emphasized that no spot reserve assets are directly stored on exchanges, including Bybit. The total unrealized profit and loss related to positions hedged on Bybit is currently less than $30 million—less than half of the reserve fund—and USDe remains over-collateralized.
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