Ethena Project Wallet Dumps 14M ENA After 2 Years of Dormancy, Assets Down 65%

A wallet linked to an Ethena project team member has moved 14 million ENA tokens to Bybit after two years of inactivity, according to on-chain analyst Ai Yi. The address received the tokens from an Ethena multisig in July 2024, when they were worth $6.89 million at $0.4928 per ENA. Six hours ago, the wallet transferred all tokens to Bybit, leaving a balance of $2.41 million—a loss of $4.48 million from the initial value and over $8.735 million from the peak price. The assets have shrunk by 65%.