Coinspeaker
Ethena Labs Dodges Security Breach as Fake Token Falls Victim: Crypto Security Woes Continue

A security breach has struck the crypto space, but this time, it wasn’t the real Ethena Labs that fell prey to hackers. Instead, a fake token sharing a similar name to the Ethena’s ENA token was targeted, resulting in the loss of $290,000 worth of BNB tokens from a Binance Launchpool used for yield farming. The details surrounding the attack are yet to be fully understood.

The attack on the fake token occurred mere hours after Ethena had introduced its new ENA token, designed to allow users to earn rewards by staking BNB or FDUSD. The launch of the ENA token was part of Ethena’s broader rollout of its USDe synthetic dollar token in early March, which had attracted some interest through its offering of a 67% APY.

The incident led to confusion, as some individuals mistakenly believed that the attack had occurred on the real Ethena Labs account. Notably, an on-chain security firm on X, PeckShieldAlert, initially informe...