We are aware of the situation currently evolving with Bybit and are continuing to monitor developments.

As a reminder: all spot assets backing USDe are held in off exchange custody solutions, including ByBit via Copper Clearloop for this precise reason.

Not a single dollar of spot backing value is held on any exchange, including Bybit.

Currently there is <$30m of aggregate unrealised PNL relating to Bybit hedge positions, which is less than half of the reserve fund.

USDe remains more than fully collateralised at this time.

We will provide updates as we receive them.