At 2:16pm UTC, Bybit was hacked for circa 400k ETH and 90k stETH.
At 3:49pm UTC, following price deviations in secondary markets (related or not to the incident), bbqUSDC automatically reallocated funds, reducing exposure to Ethena-related collateral in order to protect the lenders.
At 3:51pm UTC, Bybit announced that they had been hacked.
At 3:53 PM UTC, we established a war room to assess the impact of the Bybit hack. Our focus quickly turned to perpetuals basis trade products, such as USDe and USR, which could have exposure to Bybit. These products are utilized in certain Smokehouse product line vaults. No Steakhouse product line vaults are exposed to these collaterals.
At 4:16pm UTC, Ethena posted that their current exposure to Bybit was limited.
At 4:25pm UTC, Resolv posted that they have no exposure to Bybit
At 5:12pm UTC, Ethena posted that they had no more PnL exposure to Bybit.
Exposure is now stabilized in bbqUSDC. We are actively monitoring the situation.