A counterfeit token named ENA, mimicking Ethena Labs's legitimate ENA token, has been exploited for 480 BNB tokens worth $290,000 on the Binance launch pool for farming. The exploit's underlying vulnerability remains undisclosed. On-chain security firm PeckShield reported the incident on March 29 at 8:31 am UTC via a post, initially mistaking the fake token for the genuine ENA token.

Ethena Labs announced its ENA token on the Binance Launchpool on March 29. The exploitation of the counterfeit token, unrelated to Ethena Labs, occurred shortly after the listing announcement, leading to widespread confusion.

Ethena Labs introduced its USDe synthetic dollar on the public mainnet on Feb. 19, subsequently becoming the top-earning decentralized application (DApp) in crypto on March 8, offering investors an annual percentage yield (APY) of 67%.

While relatively small in comparison to other crypto hacks, this attack occurred following the over-$11 million Prisma Finance hack on March 28.

Crypto hacks remain a persistent issue, undermining investor confidence. According to blockchain security firm Immunefi, over $200 million worth of crypto was lost to hacks and rug pulls in 2024 across 32 separate incidents up to Feb. 29, marking a 15.4% increase compared to January and February 2023, when $173 million of digital assets were stolen.

In 2023, a total of $1.8 billion was lost to crypto hacks and scams, with 17% attributed to the North Korean Lazarus Group, as reported by Immunefi on Dec. 28.

Although the value of stolen funds decreased, the number of incidents grew from 219 in 2022 to 231 in 2023, according to the "2024 Crypto Crime Report" by Chainalysis. The decrease was primarily attributed to a reduction in decentralized finance (DeFi) hacking, with a 63.7% drop in the total value stolen from DeFi platforms year-over-year.