It was when attending a weekly London meetup I used to organize that I first heard people passionate about Luna and UST. The coin just kept going up, they said, and UST was being used by citizens in South Korea to pay for groceries, they claimed.
Since Luna and UST collapsed, taking with it up to $40 billion of value, many people have been skeptical about projects that even vaguely resemble such a stablecoin. So, unsurprisingly, when a sort-of-stablecoin project called Ethena started gaining momentum, the comparison was made. Alongside this, Ethena is far more transparent and open about its potential risks. For instance, on its FAQ page, it details seven risks the project faces, from funding rates to exchange failure and even regulatory issues . It examines each issue in detail and says how it monitors certain risks.
As The Block covered in real-time, the DOJ wallet sent a test transaction of 0.0001 BTC to a wallet labeled as belonging to Coinbase Prime on Arkham. The rest of the funds were sent to a change address, meaning they effectively stayed put in all likelihood. Soon after, 2,000 BTC was sent to the same Coinbase wallet with the remaining funds sent to a change address.
Around four addresses associated with the hack were allocated over 31,600 W tokens, worth around $38,000.