Ethena-Linked Address Transfers 128.6 Million ENA to Binance

An Ethena-linked address transferred 128.6 million ENA, valued at about $24.33 million, to Binance. EmberCN suggested the transfer may be tied to replacing tokens lost in the exchange’s recent security incident.

The incident involved the theft of 217.5 million ENA. EmberCN’s explanation is that Binance may be acquiring ENA from Ethena over the counter to help close a shortfall in its proof of reserves (PoR). The transfer’s purpose and transaction type have not been confirmed.

Ethena-linked addresses, its foundation and institutional investors have previously sent ENA to Binance and Bybit. In one earlier episode, 150 million ENA moved to exchanges within five days of a July StablecoinX reserve announcement, while the foundation bought back 83 million ENA. An institutional investor also moved 40.217 million ENA to exchanges in August, and Strobe Ventures separately sold 7 million ENA.

The link between this deposit and the stolen tokens remains a theory put forward by EmberCN.