Ethena says 12% of collateral was tied to Binance at end-September
- —12% of Ethena collateral was tied to Binance as of Sept. 30
- —Binance made up 60–67% of exchange exposure, depending on methodology
- —Collateral is held with Copper, Ceffu and Fireblocks, not on CEXs
- —Ethena's open Binance position was previously put at about $8.8 million
Why it matters: The disclosure shows Ethena still relies heavily on Binance for hedges and settlement even with off-exchange custody, as the exchange investigates a security incident.
Source: TokenPost