Ethena Labs wrote: "We are aware of Bybit's current situation and will continue to monitor developments. A reminder: All USDe-backed spot assets are held in an OTC custody solution, including ByBit through Copper Clearloop, for precisely this reason. No exchange, including Bybit, holds a dollar of spot-backed value. Currently, the total unrealized gain and loss associated with Bybit's hedged positions is less than $30 million, less than half of the reserve. At this time, USDe's collateral ratio remains above full. We will provide an update as we receive it."