Ethena
Last changed 2026-10-14 · Re-researched — Re-researched in full by the investigator agent; the text was rewritten from new research. Version history →
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anchored·FtFXWP…D4oKSummary
Ethena is a synthetic-dollar protocol founded in 2023 by Guy Young that issues USDe, a delta-neutral stablecoin backed by crypto collateral and offsetting short perpetual futures positions, along with a governance token (ENA) and a yield-bearing staked variant (sUSDe). USDe supply peaked above $14 billion in mid-2025 and later contracted to about $5.9 billion. The project has faced a BaFin enforcement action against its German entity under MiCAR in 2025, a localized USDe price dislocation on Binance in October 2025, an October 2024 insider-farming allegation that was later retracted, two 2024 security incidents that did not affect protocol funds, and continuing critique of funding-rate, counterparty and reserve-fund risk.
Connected Entities
14 entities · 59 linked investigations- Deribit→mentioned with→Coinbase(70%)
- Ethereum→mentioned with→Coinbase(60%)
- Ethena→mentioned with→Aave(70%)
- Ethena→mentioned with→Bybit(70%)
- Ethena→mentioned with→Kraken(70%)
- Ethena→mentioned with→Ethereum(75%)
- Ethena→mentioned with→BitMEX(60%)
- ZachXBT→mentioned with→Ethereum(70%)
- ZachXBT→mentioned with→Kraken(60%)
- ZachXBT→mentioned with→Binance(60%)
- + 25 more
Connected Through
14 shared actors · 584 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □ZachXBTorganization
- □Binanceorganization
- ♦Coinbasetoken
Timeline(24 events)
January 2023
Ethena Labs founded by Guy Young, a former Cerberus Capital Management professional, with a vision of a delta-neutral synthetic dollar protocol.
IQ.wikiMarch 2023
Arthur Hayes publishes 'Dust on Crust', outlining a crypto-native synthetic dollar using perpetual-swap hedging, the direct inspiration for Ethena.
Arthur Hayes / MediumJuly 2023
17 July 2023: Ethena Labs raises a $6 million seed round led by Dragonfly Capital and Maelstrom (Arthur Hayes' family office).
CoinDeskDecember 2023
USDe stealth launch; the protocol accumulates over $224 million in TVL before public announcement.
CoinDeskFebruary 2024
16 February 2024: Ethena raises $14 million at a $300 million valuation and USDe opens to public access.
The BlockMarch 2024
19 March 2024: USDe supply crosses $1 billion. (Another account dates the public launch of USDe and ENA to March 2024.)
Business WireApril 2024
2 April 2024: ENA governance token launches via airdrop and Binance Launchpool, with trading on major exchanges.
CoinGeckoJuly 2024
Around 14 July 2024: Ethena's Discord server is hacked; ZachXBT and others warn users not to click links, with phishing posts disguised as a token bonus offer.
Bitget News (ZachXBT alert)July 2024
29 July 2024: Ethena GmbH applies to BaFin for MiCA authorisation, allowing continued USDe issuance under a transitional provision.
BaFinSeptember 2024
18 September 2024 (19 September in another account): Ethena's domain registrar account is compromised and the front end altered; Ethena takes the website down and Blockaid warns users who connected wallets. Protocol and funds unaffected.
The BlockOctober 2024
Investigator Nomad alleges Ethena Labs misused 180 million ENA tokens in the Season 3 farming event; Guy Young denies misuse and Nomad later retracts his initial claims.
Crypto TimesDecember 2024
16 December 2024: Ethena Labs launches USDtb, backed over 90% by BlackRock's BUIDL fund and developed with Securitize.
CryptoPotatoDecember 2024
The Ethena Foundation completes a $100 million private ENA sale at about $0.40 per token (Franklin Templeton, Polychain, Pantera, Dragonfly, F-Prime).
The BlockFebruary 2025
21 February 2025: Bybit is hacked for about $1.4-1.5 billion; Ethena reports about $30 million of open Bybit positions, closes them within 90 minutes with no losses, and says its reserve fund exceeds the exposure.
CoinTelegraphMarch 2025
21 March 2025: BaFin prohibits Ethena GmbH from publicly offering USDe, citing serious MiCAR deficiencies and reserve-of-assets violations; asset freeze ordered.
BaFinApril 2025
3 April 2025: Ethena GmbH withdraws its MiCA application. 4 April: BaFin imposes a EUR 600,000 coercive fine. 14 April: BaFin orders Ethena GmbH to wind up its authorised business; secondary-market trading of USDe in the EU is declared impermissible. 22 April: Ethena GmbH files an objection.
BaFinJuly 2025
Ethena Labs' General Counsel and outside attorneys meet the SEC's Crypto Task Force to seek clarity on the 'synthetic dollar' classification of USDe.
CoinMarketCap AI UpdatesJuly 2025
USDe supply peaks above $14 billion after about 75% month-over-month growth in July 2025.
MitradeAugust 2025
13 August 2025 (per one account): BaFin revokes the winding-up order after the redemption process is completed.
BaFinOctober 2025
10-11 October 2025: a deleveraging liquidating about $19 billion causes USDe to trade as low as $0.65 on Binance, with 0.8-5% deviations elsewhere; Ethena processes over $2 billion of redemptions in 24 hours and Binance later compensates users about $283 million.
CCN / CoinDeskJanuary 2026
14 January 2026: Ethena launches gas-free USDe transactions in partnership with Safe.
Stablecoin InsiderMarch 2026
USDe supply is about $5.92 billion (mid-Q1 2026), down from the roughly $14 billion peak; protocol revenue fell 32% quarter on quarter to $65.06 million and daily active users declined to about 1,200.
Stablecoin InsiderDecision Log
- slot 445504356 · hash 3vNeqpCfuEWgi26gJyRuK6gbhmNnJKdJxnMJJBCjT4qg
- slot 425401273 · hash DEfdotke91Jni7831KKhKhHAvDX6tmKTZe5nMbQWx4Nx
- slot 425401265 · hash 56NGfHefJgNXUhUNv3fEBxgCzEoikUqufmm7bmewwFeH
- slot 423388088 · hash 6tBrThTmHLWe3jzbUkAnrW3GTr5QenZhWyhbni4efitR
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 25 of 75 cited source URLs have an Internet Archive snapshot.
model: claude-code-merge-writer
generated: 5/31/2026, 1:59:02 PM
last updated: 10/14/2026, 12:24:41 AM
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