Ethena Labs: USDe assets not affected by Bybit security incident

On February 22nd, Ethena Labs released updates on the Bybit security incident on X: All spot assets supporting USDe are stored in off exchange custody solutions, including ByBit through Copper Clearloop. No exchange, including Bybit, has spot backed value. The total unrealized PNL (profit and loss) related to Bybit hedge positions is less than $30 million, which has now decreased to $10 million, less than half of the reserve fund. Currently, USDe is still over collateralized. All USDe exchanges are proceeding normally. Currently, USDe supports liquid stablecoins worth $2 billion, which can be exchanged at any time if needed by users. Meanwhile, Ethena Labs stated that it is with Bybit and ready to provide assistance at any time.