Institutional crypto custodian Ceffu withdrew 120 million USDC from wallets associated with Ethena across six transactions over a single day, according to blockchain tracker Onchain Lens. The most recent transaction involved transferring 30 million USDC. The wallet address involved can be traced to 0x00669Bf9BA4EAab1BBd301C1ccDf69932F521049.
Neither Ceffu nor Ethena has publicly commented on the transfers, and the ultimate destination of the funds was not specified in the initial reports.
Understanding the Custody Layer
Ceffu serves as Binance’s institutional custody partner, offering custody, asset management, and off-exchange settlement services. According to Ethena's documentation, Ceffu acts alongside providers like Copper and Fireblocks as an off-exchange settlement provider holding collateral without beneficial ownership.
Ethena's framework relies on distributing assets across multiple providers to limit potential damage from service disruptions. The protocol states that protocol assets are never held in control or beneficially owned by the settlement provider, and that provider availability disruptions should not impact the backing value of USDe.
Scale and Institutional Context
The 120 million USDC transfer represents a fraction of Ethena's overall scale. A June 2026 governance update from LlamaRisk estimated the USDe supply at approximately $4.46 billion, noting a backing ratio above 101%. Coinbase acts as Ethena's primary custodian, wallet provider, and perpetuals venue.
Ethena's workflows include routine collateral delegation and undelegation operations across trading venues. However, the movement highlights the infrastructure used by institutional participants as demand for regulated custody grows. A January 2026 survey by Coinbase and EY-Parthenon indicated that 66% of surveyed institutional investors prioritize regulatory compliance and security key-signing protocols when selecting a custodian.
