Ethena Labs exploited for $290k on Binance Launchpool


Ethena Labs has been exploited for 480 BNB tokens worth $290,000 on the Binance launch pool for farming. 

The vulnerability behind the exploit is still unknown. On-chain security firm PeckShield reported the incident at 8:31 a.m. UTC, on March 29, in an X post.

Ethena Labs’s $ENA token was introduced on the Binance launchpool on March 29, a few hours before the exploit, enabling users to farm the token by staking BNB or FDUSD.

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

In terms of total sum, the exploit is on the smaller side of crypto hacks. The attack occurred a day after the over $11 million Prisma Finance hack on March 28.

Crypto hacks are a long-standing issue in the industry, erroding investor trust. Over $200 million worth of crypto has been lost to hacks and rug pulls in 2024 across 32 individual incidents up to Feb. 29, according to blockchain security firm Immunefi.

The over $200 million loss represents a 15.4% increase compared to January and February 2023, when $173 million of digital assets were stolen.

A total of $1.8 billion was lost to crypto hacks and scammers in 2023, of which 17% can be attributed to the North Korean Lazarus Group, according to a Dec. 28 report by Immunefi.

Related: Funds hacked in 2024 increased by 15.4% vs. the same period in 2023 — Immunefi

This is a developing story, and further information will be added as it becomes available.

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