Ethena Founder Accumulates $20 Million ENA Tokens from Exchanges: Concerns About Treasury Transparency Rise

Recent activity involving the founder of Ethena, Guy Young, has sparked concerns about the stability and transparency of the project’s treasury strategies. His wallet accumulated $20.41 million worth of ENA tokens from exchanges like Binance and Bybit within three days. This substantial accumulation has raised questions about the company’s approach to managing its reserves amidst market volatility. Ethena Labs, however, hasn’t provided official explanations regarding this activity. While some see this as strategic planning for long-term growth, others express concerns regarding protocol transparency and potential market manipulation.