Ceffu withdrew 120 million USDC from Ethena’s Coinbase Prime Custody wallets through six transactions over the day ending Aug. 24, 2026, Onchain Lens monitoring showed. The latest transfer was 30 million USDC and was linked to wallet 0x00669Bf9BA4EAab1BBd301C1ccDf69932F521049. The transaction flow has not been independently verified, and neither Ceffu nor Ethena has publicly explained the destination or purpose of the funds. Ethena’s USDe synthetic dollar relies on hedged positions and off-exchange settlement providers that safeguard collateral without beneficial ownership. Against USDe supply of roughly $4.46 billion, a $120 million movement could represent routine collateral reallocation rather than evidence of stress, although its precise rationale remains unclear. The transfer highlights the custody infrastructure supporting institutional crypto markets as investors place greater emphasis on regulatory compliance and security.