A fraudulent token, from Ethena Labs was manipulated for $290,000 . The breach of the imitated token took place shortly after Ethena introduced their ENA token for cultivation, on Binance.

The security flaw that allowed the exploit to happen remains a mystery. PeckShield, a security company focusing on technology discovered and reported the incident in a post, at 8;31 am UTC, on March 29. They initially believed that the counterfeit token was the ENA token.

Ethena Labs introduced the ENA token, on the Binance Launchpool on March 29. Shortly after the token was announced a fraudulent version emerged, leading to confusion among users.

On February 19 Ethena Labs released its USDe dollar on the mainnet. By March 8 Ethena had become the performing application (DApp), in the crypto space by providing investors with a 67% annual percentage yield (APY).

In terms of the amount the exploit is relatively small compared to crypto hacks. The attack took place one day after the Prisma Finance hack that amounted to, over $11 million on March 28.

Crypto hacks have been a problem in the industry leading to a decline in investor confidence. In 2024 a total of over $200 million in crypto has been lost due to hacks and rug pulls across 32 incidents until February 29 as reported by blockchain security firm Immunefi.

The loss exceeding $200 million marks a 15.4% increase from January and February 2023 when digital assets worth $173 million were stolen.

So Always Remember, Read the Official statements made my any Exchange, very keenly.

As Binance Mentioned Clearly that Binance will be the first platform to list Ethena (ENA) with trade starting at 2024-04-02 08:00 (UTC). Any claims to offer this token for sale before the stated timeline are false advertising. Please do your own research to ensure safety of your funds!


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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of AL MAKKAH TECH .I’m not a financial adviser.  invest solely based on your own findings and personal judgment.