Binance buys back stolen tokens as Ethena-linked wallets send $24m in ENA

Key points

• Lookonchain tracked 128.63 million ENA, worth about $24m, moving from Ethena-labelled wallets to Binance on 31 Oct.
• Binance says it holds $5bn of the $6.3bn stolen, about 80%, and is buying the rest through market and OTC channels.
• Reserve Protocol expects Binance to finish buying 3.38 billion RSR before its 2 Nov reserves report.

Binance has started buying back the tokens stolen in its $6.3bn hack, and onchain trackers have linked the first large flows to Ethena. Lookonchain reported that wallets labelled as Ethena sent 128.63 million ENA, worth about $24m, to the exchange on 31 Oct. The Binance buyback is being carried out through market purchases and over-the-counter deals, according to the trackers.

The hacker had already sold that ENA for about $33.9m.

Yi He spent the weekend reassuring users and told those offering donations to give to charity instead.

Reserve Protocol said Binance had confirmed it would repurchase the missing 3.38 billion RSR, worth about $4.6m at roughly $0.00137 per token, and expects the buying to finish before the exchange's 2 Nov proof-of-reserves report.

What to watch: Binance's full proof-of-reserves report is due on 2 Nov, when Reserve Protocol expects the RSR repurchase to be finished.

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