Ethena: Unrealized PNL exposure to Binance about $8.8 million, far below reserve fund

October 30: Ethena posted on X that its unrealized profit and loss (PNL) exposure to Binance totals about $8.8 million, far below its excess reserve fund of more than $60 million. Ethena previously said that all collateral involving exchange exposure is held with off-exchange custodians rather than directly on exchanges. Ethena said proof of reserves conducted by multiple external institutions will be published in the coming hours. Previously, on-chain data showed that Binance's hot wallet appeared to have been attacked, with a large number of assets transferred out.