Ethena Labs’s Fake ENA token Exploited on Binance Draining $290K: Report
Ethena Labs’s Unsuitable ENA token Exploited on Binance Draining $290K: Fable
Hours after introducing Ethena (ENA) on Binance Launchpool, a false ENA token has been exploited for 480 BNB price $290,000.
In step with a narrative by on-chain security company PeckShield on Friday, the exploited token is the false version of ENA.
“The token shares the same title as the legitimate ones,” the updated post on X (Twitter), read.
#PeckShieldAlert $ENA (Ethena Labs) on #BNBChain has been exploited, main to an absence of 480 $BNB (price ~$290K)
*Explain*: The token shares the same title as the legitimate ones
— PeckShieldAlert (@PeckShieldAlert) March 29, 2024
Binance, the world’s excellent crypto substitute by market price, added Ethena to its Launchpool, making the synthetic greenback protocol the fiftieth project to tag up for the platform. The commence enables users to farm the token by staking BNB or FDUSD, the Friday announcement noted.
The false Ethena token exploit, spoil away the Ethena Labs initiative, emphasizes sturdy security features and due-diligence in token transaction.
The news of the exploit spurred confusion among the many crypto community on X. PeckShield confirmed users in a separate post that the token is false and no longer linked with the legit Ethena.
“Clarification: The token mentioned below is no longer official and would possibly maybe maybe well no longer be linked to Ethena in any skill.”
Clarification: The token mentioned below is no longer official and would possibly maybe maybe well no longer be linked to Ethena in any skill. https://t.co/qxxKJfIe6n
— PeckShieldAlert (@PeckShieldAlert) March 29, 2024
Ethena Token Airdrop – Highly Anticipated
The news of the false Ethena exploit comes at a time when the community is extremely staring at for the token airdrop which the company launched to rob place on April 2. The airdrop marks the subsequent section in its expansion after the success of its USDe synthetic stablecoin.
The protocol has deliberate to airdrop 750 million ENA tokens, which is 5% of its total supply. Additional, the airdrop will note to eligible participants on April 2 and become readily accessible on centralized cryptocurrency exchanges (CEXs).
The company noted that the scale of every and each body’s drop is determined by the quantity of “shards” they accumulated thru April 1. Shards are digital units measuring users’ engagement with the protocol.
Ethena’s USDe gathered a supply of over $1.38 billion, marking a key milestone, per DefiLlama knowledge.
Source : cryptonews.com
