Ethena has transferred roughly $24 million worth of ENA to Binance as the exchange works to rebuild assets lost in this week’s record-breaking security breach.
The hack began at around 20:05 UTC on October 29, when Binance says unauthorized withdrawals started from compromised hot wallets. The exchange later estimated the total loss at approximately $6.3 billion across multiple token assets, making it one of the largest crypto exchange breaches ever reported. Binance says users will not absorb those losses, with its SAFU fund and corporate treasury being used to cover the damage.
On-chain tracker Lookonchain reported that Ethena subsequently deposited approximately 128.63 million ENA into Binance over an eight-hour period.
The transfers came from an Ethena-linked Coinbase Prime Custody wallet and were sent to a Binance deposit address. At prevailing prices, the tokens were worth roughly $24 million.
The ENA Transfer Comes as Binance Rebuilds Reserves
The timing is important.
Binance is now trying to replace token balances lost during the October 29 breach, using both its own reserves and external market transactions.
Binance is buying back the stolen assets through market channels and OTC deals. Over the past 8 hours, Ethena(@ethena) has deposited 128.63M $ENA ($24M) into #Binance. https://t.co/P7GMFOSsMr https://t.co/rSrBcIiMRA
— Lookonchain (@lookonchain) October 31, 2026
The $6.3 billion figure refers to the estimated value of assets withdrawn during the attack, not necessarily Binance’s final net loss. Some stolen assets have already been frozen or traced, and recovery efforts are still ongoing.
That means the final financial damage could ultimately be smaller than the headline figure.
The 128.63 million ENA transfer is therefore being watched as a possible part of Binance’s asset-replenishment process.
Read also: Elon Musk Trolls Binance After $6.3B Hack, but This Isn’t Another FTX
Could This Be an OTC Deal With Binance?
Lookonchain believes Binance has been buying replacement assets through regular market channels and OTC transactions.
That raises the possibility that the ENA deposited by Ethena is connected to one of those deals.
However, neither Binance nor Ethena has publicly confirmed the exact commercial structure of these specific transfers.
A large deposit into Binance would normally raise concerns about potential selling pressure. In this case, the tokens may instead represent Binance rebuilding reserves after the hack rather than Ethena simply preparing to sell ENA on the open market.
Until either party confirms the transaction, that remains the most plausible on-chain interpretation, not a confirmed fact.
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