Ethena Founder: Did Not Sign Any ADL Exemption Agreements with Exchanges

Odaily News: Ethena founder Guy Young responded to the 1011 controversy on X, stating: "Ethena does not have any special agreements regarding Auto-Deleveraging (ADL). Since the first day of the project's launch, ADL risks have been clearly listed in the risk section of the project documentation. To our knowledge, since 2018, there have been no ADL events for BTC and ETH on the platforms (such as OKX) where Ethena executes trades. The majority of our reserve assets are allocated to BTC and ETH, and the platforms holding these assets have a record of over 8 years without executing ADL on these two assets, even during periods of extreme market volatility (such as 1011). Ethena has no special ADL agreements; this is simply fundamental risk management."