QUADRIGA INITIATIVE
CRYPTO WATCHDOG & FRAUD RECOVERY PLATFORM
A COMMUNITY-BASED, NOT-FOR-PROFIT
UNKNOWN
SEPTEMBER 2024
GLOBAL
ETHENA LABS
DESCRIPTION OF EVENTS

"ENABLING INTERNET MONEY_ Synthetic Dollar and Internet Native Yield"
"Ethena enables the creation and redemption of a delta-neutral synthetic dollar, USDe, crypto's first fully-backed, onchain, scalable, and censorship-resistant form of money.
The mechanism backing USDe enables the first "Internet Bond" offering a crypto-native, value-accruing, dollar-denominated instrument, derived from staked asset returns (to the extent utilized in backing) and the funding and basis spread available in perpetual and futures markets."
"USDe derives its relative peg stability from executing automated and programmatic delta-neutral hedges with respect to the underlying backing assets.
Hedging the price change risk of the backing asset in the same size minimizes fluctuations in the backing asset price as the change in value of the collateral asset is generally offset by the change in value of the hedge.
This enables the synthetic USD value of the collateral to remain relatively stable in most market conditions."
"Ethena Labs posted on X platform that their Ethena domain registrar account was recently compromised. They have taken measures to disable the website until further notice."
"The Ethena domain registrar account was recently compromised and we have taken steps to deactivate the site until further notice.
The protocol is unaffected and funds are safe.
Please do not interact with any site or application purporting to be the Ethena frontend."
"We've worked with the registrar to regain control of our domain and had the phishing domains blocked across various services to protect our users.
To reiterate, the protocol is not affected and funds are secure.
ethena[.]fi remains the only official domain and we will reinstate the frontend site once we have fully investigated over the next few hours."
"Concluding our investigation:
We have worked closely with our registrar and have secured the http://ethena.fi domain.
No Ethena systems were compromised and the Ethena frontend has been restored. The protocol was not impacted and we are resuming normal operations.
Remember scammers are always chasing you—whether its fake phishing sites or taking over legitimate websites.
Please slow down and always check everything twice before interacting."
Ethena offers a synthetic stablecoin which claims to be the first fully-backed, onchain, scalable, and censorship-resistant form of money. Shortly after announcing an airdrop for season 2, which was to be conducted throught their website, hackers decided to offer an airdrop of their own, through the same website. After hijacking the domain registrar account, they directed it to a nearly identical website. Multiple users connected and had their wallets emptied. The Ethena Labs domain was ultimately restored, and they apparently even kept the same domain registrar. There has been no word located on any assistance for users who were affected.
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