Ah, dear audience! Gather ’round, for I bring tidings most curious! Ethena Labs, in a most splendid display of financial acumen, hath declared that their unrealized PNL exposure to the infamous Bybit, that wretched crypto exchange, is now a resounding zero! 🎉
In a previous missive, our gallant Ethereum-based synthetic dollar protocol had already soothed the hearts of its users, proclaiming that their USDe stablecoin had but a trifling exposure to the calamity that befell Bybit. A true masterstroke of reassurance, if I may say! 🧐
Once upon a time, the noble Ethena (ENA) team did declare that their PNL exposure was a mere pittance of under $30 million. A sum that would make even the most avaricious merchant chuckle! 💰
“We are aware of the situation currently evolving with Bybit and are continuing to monitor developments. As a reminder: all spot assets backing USDe are held in off-exchange custody solutions, including ByBit via Copper Clearloop for this precise reason,” quoth Ethena Labs, in the wake of the $1.4 billion Bybit hack. A fine example of foresight, indeed! 🕵️♂️
According to the latest proclamation, no funds backing USDe’s spot reserves were held on exchanges, including the notorious Bybit. A stroke of luck, or perhaps divine intervention? Who can say! 😇
The unrealized PNL exposure to Bybit has been reduced to zero
— Ethena Labs (@ethena_labs) February 21, 2025
In the grand theater of financial markets, unrealized PNL exposure doth refer to the profit or loss an entity may incur on open positions. Also known as floating PNL, it represents the potential gain or loss if all open positions were closed immediately. A most precarious balancing act! 🎭
The valiant Ethena team did clarify that less than $30 million in unrealized PNL was tied to Bybit hedge positions. Yet, fear not! For USDe remained fully collateralized at the time. A true testament to their prudence! The team also noted that the exposure would decrease further in the coming hours, as if by magic! ✨
This amount, it seems, did drop to a mere $10 million, before eventually reaching the fabled land of zero. A tale of triumph, indeed! 🏆
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2025-02-21 22:14