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Hacker Steals $290K from Ethena Labs

ByLouis Adams

Mar 29, 2024 #Hackers
Reading time: < 1 minute

Ethena Labs recently experienced an exploit on the Binance launch pool, resulting in the loss of 480 BNB tokens with a value of $290,000. The specific vulnerability used in the exploit has not yet been identified.

The incident was reported by on-chain security firm PeckShield on March 29 at 8:31 am UTC via an X post.

The exploit occurred just hours after Ethena Labs’ ENA token was listed on the Binance Launchpool on March 29, allowing users to farm the token by staking BNB or First Digital USD (FDUSD) tokens.

Ethena Labs had previously launched its USDe synthetic dollar on the public mainnet on February 19. On March 8, when it offered an annual percentage yield (APY) of 67%, Ethena Labs became the highest-earning decentralized application (DApp) in the crypto industry.

While the hack resulted in a significant loss, it is relatively small compared to other cyber attacks in the crypto industry.

It occurred just one day after the Prisma Finance hack on March 28 that amounted to over $11 million. Incidents like these continue to erode investor trust in the industry.