Ethena (ENA) Price Today: ENA Slips 11% as Binance Attacker Sells 217.5M Tokens for $33.9M

Ethena’s governance token ENA traded near $0.1879 on October 30, down 11.4% over the prior 24 hours, after the wallet behind the Binance exploit sold 217.5 million ENA for $33.93 million as part of a wider conversion of seven stolen altcoins into Ether. The sale, which Lookonchain documented at an exit near $0.16 per token, pushed ENA to an intraday low of $0.1662 before buyers returned. Ethena Labs separately said its USDe stablecoin carries about $8.8 million of unrealized profit-and-loss exposure to Binance against an excess reserve fund above $60 million.

The move ties the token’s decline to the same on-chain trail that has dominated markets since October 29. Binance said an unauthorized withdrawal drained an estimated $6.3 billion from its hot wallets, and the attacker has spent the hours since converting the stolen positions into Ether faster than issuers could freeze them.

Seven Altcoins Converted Into 70,480 Ether

Lookonchain’s tally, published at 01:52 UTC on October 30, recorded that the attacker “has completed selling off UNI, ENA, PEPE, LINK, AAVE, ONDO, and WLD, converting all of them into a total of 70,480 ETH worth $158.25 million.” The full breakdown is that 7.02 million UNI sold at $5.65 for $39.63 million, 217.5 million ENA sold at $0.16 for $33.93 million, 7.77 trillion PEPE sold for $31.66 million, 2.57 million LINK sold at $10.14 for $26.05 million, 127,953 AAVE sold at $111.55 for $14.27 million, 21.85 million ONDO sold at $0.30 for $6.62 million, and 17.32 million WLD sold at $0.35 for $6.09 million.

ENA was the second-largest position in that dump, and the one with the clearest DeFi exposure. The 217.5 million tokens represent about 1.62% of the 13.41 billion ENA in circulation. At the stated $0.16 exit, the attacker realized roughly $33.93 million, a figure that works out to an exact average of $0.156 per token, about 15% below the $0.1879 the token printed later in the day.

Ethena’s Disclosure: $8.8 Million at Risk Against a $60 Million Buffer

The selloff drew attention to Ethena itself, because the protocol’s USDe synthetic dollar depends on a delta-neutral hedging structure that uses centralized exchanges for its short positions. Ethena addressed the counterparty question directly. “The total unrealized PNL exposure to Binance is ~$8.8M, far below the excess reserve fund of >$60m,” the protocol said in a statement on X. It added that all collateral with exchange exposure is held with off-exchange settlement custodians, including Copper and Ceffu, rather than on the exchange itself.

The disclosure followed a second attestation update. “Each of these independent 3rd parties mentioned above have confirmed USDe remains overcollateralised by more than $60m at >101.0%,” Ethena said, naming Chainlink and Llama Risk as the attestors. On its backing-assets dashboard, the protocol reports roughly $4.5 billion in total collateral, of which the exchange-facing segments are the DeFi lending book of about $1.3 billion across Aave and Morpho, a $628 million crypto basis trade, and a $51 million real-world-assets basis.

Why ENA Fell While USDe Held Above Its Collateral Floor

The split between ENA’s 11.4% decline and USDe’s relative stability is the telling detail. USDe held near its $1 peg through the selloff, while the governance token absorbed the supply shock. That divergence is mechanical rather than contradictory: the attacker held ENA, not USDe, so the forced sale hit the token’s order books directly, while USDe’s backing stayed untouched in custody.

Market data from CoinGecko put ENA’s 24-hour range at $0.1662 to $0.2125, with trading volume of $1.386 billion, up 130.9% from the prior day, and a market capitalization of $2.52 billion against $4.53 billion in total value locked. The token remains 87.6% below its $1.52 all-time high, and a scheduled unlock of 40.63 million ENA, worth about $7.63 million, is set for November 2. ENA’s tokenomics have been in focus since the protocol floated a 95% buyback plan whose trigger sits far above current prices.

The Counterposition: A Leveraged Long Right After the Dump

Lookonchain flagged a second wallet, 0xedc0, that deposited 2 million USDC into Hyperliquid and opened a 3x leveraged long covering 22.78 million ENA, worth about $4.09 million, minutes after the attacker finished selling. The position’s implied entry near $0.180 sits about 15% above the $0.156 the attacker realized, which reads as a direct bet that the forced selling is exhausted.

A single leveraged position does not establish that the decline is over, and the wallet’s identity is not known. But the trade is a useful counterweight to the bearish read: it prices ENA above the dump level and puts a concrete, liquid price at which a buyer was willing to take the other side of the attacker’s supply.

What the Arithmetic Does and Does Not Establish

The numbers support a narrower conclusion than the headline move implies. The 70,480 ETH the attacker accumulated converts at an implied Ethereum price of about $2,245, which is consistent with Ether trading in the low $2,200s on the day rather than any premium. The $8.8 million in Ethena’s Binance exposure equals roughly 14.7% of the $60 million reserve fund, meaningful but a fraction of the buffer the protocol claims.

What the data does not establish is a causal chain from the sale to every point of ENA’s decline. The token was already down 8.7% over the past seven days before the dump, and the broader market sold off with it. The honest reading is that the attacker’s 217.5 million tokens added concentrated supply to a token already under pressure, while Ethena’s disclosure limited the contagion case to a single, bounded number.

The next observable signals are the November 2 unlock, whether the Hyperliquid long is added to or closed, and whether Binance restores withdrawals within the 48-hour window the exchange has described. Each will test whether the $0.1662 low was a capitulation or a waypoint.

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