Ceffu Withdraws $120M USDC from Ethena Wallets Amid Market Scrutiny

Ceffu, an institutional custodian, withdrew 120 million USDC from wallets associated with Ethena on August 24, 2026. According to Onchain Lens, the withdrawal occurred in six transactions over a single day, sparking debate in the crypto market.

The movement drew attention because of its size relative to Ethena's total assets and the protocol's use of custodians like Ceffu for off-exchange settlement. Ethena documentation lists Ceffu alongside Copper and Fireblocks as service providers that hold collateral without beneficial ownership of the assets, distributing funds among multiple participants to limit potential damage.

While some may speculate about the reason behind the withdrawal or its implications for Ethena's operations, Onchain Lens' report does not provide independent confirmation beyond the on-chain data. Ceffu and Ethena have not commented publicly on the matter, leaving questions unanswered.