On February 22, Ethena Labs released updates related to Bybit security incidents on X: All spot assets that support USDe are stored in off-site custody solutions, including ByBit via Copper Clearloop. There is no spot support value on any exchange, including Bybit. The total unrealized PNL (profits and losses) associated with Bybit's hedged positions was less than $30 million and has now dropped to $10 million, less than half of the reserve fund. At present, USDe is still overmortgaged. All USDe conversions proceed normally. Currently, the liquid stablecoins supported by USDe are worth US$2 billion and can be exchanged at any time if users need them. At the same time, Ethena Labs said it is with Bybit and is ready to help.