Ethena Founder Refutes Bankruptcy Claims, Accuses ZKasino Founder of $30M Misuse

2025-10-11 10:16

Ethena Labs founder Guy Young has publicly denied rumors of the company's bankruptcy, labeling them as false. Young addressed the market speculation regarding Ethena's delta neutral strategy, asserting that the claims of financial distress are baseless. In a significant accusation, Young alleged that the founder of ZKasino misappropriated $30 million from investors. He further claimed that law enforcement has seized assets related to the ZKasino founder, intensifying the controversy surrounding the allegations.

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