The Ethena team has been accused of embezzling 180 million ENA
The developers of the stablecoin USDe — the company Ethena Labs — have been suspected of improperly using 180 million native tokens ENA for farming. This was reported by a researcher under the nickname Nomad.
The expert claims that the Ethena team owns about 25% of the total amount of ENA locked in staking. Community members lock coins to earn Sats points as part of the third season of the airdrop.
Nomad warned that such a situation could reduce the reward volume for regular participants.
According to the investigation, in August, over 3 billion ENA was sent to the Coinbase Prime Custody address, which was allegedly intended for the main Ethena Labs team and Ethena Foundation, but had a vesting period.
In October, after the launch of the staking mechanism, six cryptocurrency wallets owned by Ethena received 180 million ENA from Coinbase Prime Custody. All of them are represented in the Ethena leaderboard by Sats volume.
In addition to intra-network points, the protocol team also earned rewards in Ethereal points. The cluster of wallets associated with the developers accounts for about 20% of all Ethereal allocated for the community, claims Nomad.
