The Ethena team is being questioned for using 180 million ENA to earn Sats in the third quarter.

The Ethena team has been questioned for allegedly using 180 million ENA tokens to earn Sats in the third quarter. User @Nomad02887202 on platform X posted that the Ethena team is currently using 180 million ENA tokens (25% of the total supply of SENA) for Sats liquidity mining in the third quarter, which effectively dilutes the rewards of other participants and raises significant concerns about the team's ethics. The evidence timeline is as follows: August 22nd: Coinbase announced that its Prime service will become the primary custodian for ENA tokens from Ethena Labs and Foundation. August 23rd: The Coinbase Prime custody address received over 3 billion ENA tokens, exceeding the total circulating supply of ENA at that time. There is reason to believe that this address belongs to the core team of Ethena Labs and Ethena Foundation, who locked up the ENA tokens. October 3rd: When SENA staking was launched through the S2 airdrop, the Coinbase Prime Custody address distributed 180 million ENA tokens to 6 wallets: - On the first day: 2 transfers (30 million and 35 million ENA tokens) - In the following days: 4 transfers (35 million, 30 million, 25 million, 25 million ENA tokens) @Nomad02887202 explained that these SENA tokens not only earn Sats but also earn Ethereal points (the DEX partnered with Ethena will be launched by the end of 2024). Data shows that the Ethena team's SENA tokens currently account for 20% of the total Ethereal points accumulated. The user also pointed out, 'These suspicious addresses are not being questioned for the first time. It was the most voted question during Ethena's first community call, but the Ethena team chose to completely ignore it, which clearly demonstrates the team's ethics and attitude.'