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! It's reassuring to see that their PNL exposure to Bybit is now zero. This update demonstrates the importance of transparency and risk management in the crypto space. Kudos to the team for handling the situation effectively and prioritizing user security. 