Bybit Update: Ethena Labs Addresses Bybit Hack Concerns, Confirms USDe Reserves Are Secure

Ethena Labs has issued a statement reassuring users amid the ongoing security breach at Bybit, which resulted in a $1.4 billion Ethereum (ETH) hack. The firm emphasized that all spot assets backing its USDe stablecoin are securely held in off-exchange custody solutions, including Copper ClearLoop for positions involving Bybit.According to Ethena Labs, no USDe collateral is stored on Bybit or any other exchange, mitigating risks associated with centralized platforms. The company also disclosed that less than $30 million in unrealized PNL is linked to Bybit hedge positions, which represents less than half of its reserve fund.Despite market concerns, Ethena Labs confirmed that USDe remains fully collateralized and continues to operate without risk to its underlying assets. The team is actively monitoring the situation and will provide updates as new information emerges.