Ethena’s ENA Falls 16% as Binance Hack Hits Governance Token

Ethena’s governance token ENA dropped more than 16% in a four-hour trading window surrounding the October 29 Binance security incident, while its synthetic dollar USDe remained comparatively stable. The divergence suggests that investors directed much of their immediate concern toward the protocol’s governance token rather than rushing to exit its dollar-pegged product. However, the episode also placed renewed attention on Ethena’s collateral arrangements and exposure to centralized exchanges. According to data shared by Santiment , ENA recorded its lowest four-hour closing price since September 18 after falling more than 16% during the period containing the October 29 incident.