Ethena: Bybit's hedge position related PNL is only less than $30 million, and USDe spot assets are held outside of CEX

BlockBeats News: On February 22nd, Ethena Labs announced that they have noted the current development of Bybit and will continue to monitor the latest developments. We remind everyone that all USDe supported spot assets are held in custody solutions outside of exchanges, including Bybit's custody through Copper Clearloop, which is prepared for this situation. There is no one dollar spot backed fund stored on any exchange, including Bybit. At present, the unrealized total returns (PNL) related to Bybit hedge positions are less than $30 million, far less than half of reserve funds. USDe is currently fully over collateralized. We will provide updates when we receive further information