BaFin ordered Ethena to freeze its reserve assets, shut its customer portal, and stop onboarding new users

News event
Claim

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BaFin ordered Ethena to freeze its reserve assets, shut its customer portal, and stop onboarding new users

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Event date

12:00am, Friday, March 21, 2025

Quotes that support claims

BaFin told Ethena to freeze the reserve assets that back the token, close down the website portal, and ordered the firm to stop taking new customers

The halt was due to BaFin identifying ‘serious deficiencies in Ethena GmbH's USDe token authorization,’ instructing Ethena GmbH to freeze its USDe asset reserve.

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Crypto news