Historical bad-debt events

Ethena's assessment for RD-F-067 — scored not_applicable on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.

Evidence summary #

Ethena does not operate a lending market. No socialized bad debt events have occurred. Bybit hack (Feb 2025): Ethena confirmed 101% overcollateralization throughout; $30M unrealized P&L realized within 90 minutes with no protocol loss. Factor is lending-only per taxonomy PD-024.

Sources #

URL
https://nulltx.com/ethena-shows-resilience-amid-bybit-hack-and-major-usde-redemption/retrieved 2026-05-06

Methodology #

Count and sum (USD) the number of documented bad-debt events where the protocol socialized losses across depositors.

See the full factor methodology and distribution across all protocols →

rubric_version v1.7.0 protocol ethena factor RD-F-067 score not_applicable collected_at 2026-04-28 13:58:51