Binance’s $24M ENA recovery effort – Can Ethena extend its 16% rally?

Following the Binance hacking incident, Ethena [ENA] fell to a low of $0.16. The altcoin crashed as investors grew concerned about Ethena and Binance's extended partnership, especially in the Real-World Assets (RWA) sector. However, the slip proved short-lived as ENA bounced back and flipped the $0.19 resistance. At press time, Ethena was trading around $0.193, up 3.7% on the daily charts. However, the Spot Volume fell 55%, reflecting reduced market activity. Binance buys $24M in recovery effort After Binance was hacked, the attacker stole 217.5 million ENA, worth $33.9 million, and dumped all the stolen tokens. This prompted Binance to enter recovery mode and begin purchasing back stolen ENA. According to Lookonchain, Binance has been aggressively buying ENA through market channels and OTC deals.

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