Ethana Labs has provided an update that confirmed that its unrealistic PNL exposure for hacked crypto exchange bibits is now zero.
The update follows an earlier post in which the atherium-based synthetic dollar protocol assured users that its USde StableCoin had a minimum risk for the event.
Earlier, the Athena (ENA) team stated that the PNL exposure was less than $ 30 million.
“We currently know about the situation developing with bibet and continue to monitor development. As a reminder: all spots that close the USDE including bibits via copper clearing for this exact cause Assets are conducted in off exchange custody solutions, “Athena Labs Said In view of $ 1.4 billion dollars bibit hack.
According to the latest update, any fund returning to USDe’s spot reserve was held on exchanges, including Baibit.
In financial markets, unrealistic PNL exposure refers to profit or loss or a unit may be a unit on open positions. Floating is also known as PNL, it represents potential benefits or losses if all open positions were immediately discontinued.
The Ethena team clarified that the unrealistic PNL was bound by hedge posts less than $ 30 million. Despite this, the USde remained completely collateral at that time. The team also said that the exposure will decrease further in the coming hours.
The amount eventually fell to $ 10 million before reaching zero.
