Binance Starts Shopping for Stolen Coins as Ethena Ships $24M in ENA

Ethena Tokens Flow Into Binance

Blockchain trackers flagged the transfers aboriginal connected Oct. 31, writing:

Binance is buying backmost the stolen assets done marketplace channels and OTC deals,

At property time, Ethena has deposited 128.63 cardinal ENA into the speech implicit 8 hours. Moreover, Arkham Intelligence information has shown the tokens leaving an code labeled “Ethena: Coinbase Prime Custody” successful batches of astir 25.25 cardinal ENA (all of which yet landed successful a Binance deposit address).

The size lines up with what was taken, arsenic onchain expert EmberCN pointed retired that 217.5 cardinal ENA was stolen from Binance connected Oct. 29. That means the Ethena transfers screen astir 59% of the missing tokens.

The hacker had already dumped that ENA and sold 217.5 cardinal ENA for astir $33.93 cardinal arsenic portion of 7 token income that produced 70,480 ETH. Bitcoin.com News covered that quality arsenic portion of the $158 cardinal dump that took spot yesterday.

ENA is currently trading adjacent $0.19.

Binance Pledges to Make Every User Whole

The buybacks travel a promise Binance made successful its Oct. 30 update, signed by co-CEOs Yi He and Richard Teng. The speech said it would screen each stolen funds done its Secure Asset Fund for Users (SAFU), an exigency reserve, and its firm treasury.

Binance said it had acceptable speech much than $6.34 billion, with $5 cardinal held successful the nonstop tokens that were stolen, specified arsenic USDC, USDT, BTC, ETH, and BNB. That covers astir 80% of the loss. The update stated:

We are actively buying the remaining applicable token assets done marketplace and OTC channels.

Yi He has spent the play reassuring users, going arsenic acold arsenic replying to supporters successful Chinese, wherever she promised Binance would “never fto down those who spot Binance.” When immoderate users offered to donate wealth to help, she told them Binance could screen the losses and that donations should spell to foundation and radical successful request instead.

RSR Is Next successful Line

Ethena is not the lone task waiting connected Binance arsenic the Reserve Protocol squad excessively revealed that Binance had confirmed it would beryllium repurchasing the missing 3.38 cardinal RSR stolen successful the attack. They further added that its treasury has nary appetite to sell, adding:

In the lawsuit of RSR we judge Binance volition get connected the unfastened marketplace done a nonrecreational marketplace maker.

With RSR adjacent $0.00137 per token, the missing tokens are worthy astir $4.6 million. RSR was up astir 6.4% implicit the past 24 hours, though it is unclear however overmuch of that determination is tied to buying.

Reserve said it infers the repurchase volition beryllium finished by Monday, due to the fact that that is erstwhile Binance has promised a afloat impervious of reserves study showing that balances are afloat backed.

Looking At What Comes Over The Next 48 Hours

Binance said it would tally an archetypal proof-of-reserves snapshot wrong 12 hours of its update, with results acceptable by Nov. 2. Withdrawals are targeted to resume successful phases wrong astir 34 hours, taxable to information checks, arsenic Bitcoin.com News reported successful its recovery program coverage.

The Monday study volition amusement whether Binance closed its remaining 20% gap, astir $1.3 billion, successful time, and whether much task treasuries specified arsenic Ethena’s are softly portion of the fix.