Steakhouse Financial

Binance is reported to have suffered a significant hot wallet hack. We have been monitoring since the first reports. Tether and Circle have frozen a significant amount of USDT and USDC linked to the incident. Ethena, Maple, mF-ONE, FalconX and other collateral issuers onboarded to Steakhouse vaults on all available chains have confirmed no impact. Our only indirect exposure is to Ethena, which has confirmed limited potential impact ($8.8M) via unrealized basis positions, fully covered by the reserve fund ($60M) in a worst-case scenario if there is a failure to realize. Our systems have triggered, on a precautionary basis, to withdraw liquidity from a number of markets. We are reviewing these manually and will release throughout the next few hours. The situation is fluid and may evolve rapidly. We will continue to monitor the situation and provide updates as we receive them.