Ceffu Pulls $120M USDC From Ethena as Custody Concerns Take Center Stage
TL;DR:
- Ceffu executed transfers totaling 120 million USDC from wallets linked to the Ethena protocol on Monday, August 24, 2026.
- The institutional custody platform manages Ethena’s Off-Exchange Settlement (OES) infrastructure via the MirrorX solution integrated with Binance.
- The Ethena protocol backs the issuance of its synthetic dollar USDe, whose market capitalization exceeds $4 billion in the derivatives market.
Institutional custodian Ceffu pulls $120M USDC from Ethena in transactions recorded during Monday’s session, according to on-chain tracking data. The movement redistributes liquidity across contracts of the synthetic currency USDe issuer and reopens technical discussion surrounding off-exchange custody rails.
On-chain tracking platform Onchain Lens detected the outflow of funds across multiple consecutive transactions. The assets moved from treasury addresses and operational vaults directly into institutional wallets managed by Ceffu.
Technical documentation from Ethena Labs details that the protocol does not custody USDe backing collateral directly within conventional centralized accounts. Instead, the architecture implements an Off-Exchange Settlement (OES) model supported by providers such as Ceffu, Copper, and Cobo. This design delegates collateral using Multi-Party Computation (MPC) systems without depositing capital directly onto derivatives platforms.
… Continue reading the full article at the original source below.
