PeckShield analysts have reported a security incident involving the Ethena Labs project on March 29. The nature of the vulnerability behind the exploit remains unidentified. According to PeckShield, this incident led to the loss of 480 BNB, equivalent to approximately $290,000 at the time of the report.

Comments from users on the platform suggest that the incident may be related to the creation of a counterfeit ENA token. A Defi strategist known as Defi_Maestro pointed out PeckShield's mention of the counterfeit ENA token created on the BNB network.

Despite these developments, the Ethena Labs team has not officially addressed the incident involving the token on the BNB network. In a recent mention of the Binance crypto exchange, the Ethena Labs team announced the project's launch on Binance Launchpool.

In February 2024, Ethena Labs successfully concluded a $14 million strategic round and introduced the delta-neutral stablecoin USDe. Consequently, in early March, the Ethena protocol claimed the top spot in profitability among decentralized applications (dApps), offering users a 67.2% Annual Percentage Rate (APR) when staking in the USDe stablecoin.

However, a portion of the community expressed concerns upon the launch of the USDe stablecoin, particularly regarding its initial yield of 27.6% per annum. Users compared this rate with a similar indicator of the algorithmic stablecoin TerraUSD (UST), which was announced at 20% per annum.