Ethena Labs announces its unrealized PNL exposure to the hacked crypto exchange Bybit has been reduced to zero.
This update follows a previous statement from the Ethereum-based synthetic dollar protocol in which it assured users of its USDe stablecoin’s minimal exposure to the recent incident.
The Ethena team had earlier reported that its PNL exposure was under $30 million.
“We are actively monitoring the evolving situation with Bybit. Importantly, all spot assets backing USDe are held in secure off-exchange custody solutions, including Bybit via Copper Clearloop,” Ethena Labs stated regarding the $1.4 billion Bybit hack.
According to the latest information, no funds supporting USDe’s spot reserves were kept on exchanges, including Bybit.
In financial markets, unrealized PNL exposure refers to potential profit or loss on open positions, also known as floating PNL, indicating possible gains or losses if positions were closed immediately.
The Ethena team clarified that less than $30 million in unrealized PNL was linked to Bybit hedge positions, while USDe remained fully collateralized. The team also noted that exposure would continue to decrease over the next hours.
This amount reportedly decreased to $10 million before reaching zero.
