- Ethena’s documentation describes multiple phases of audits involving multiple parties (Zellic, Spearbit/Cantina, Quantstamp, Code4rena, Pashov).
- Ethena reports that a Spearbit audit in 2023 found no critical or high-severity issues.
Critical evaluation:
- This is client-published material and does not independently validate long-term security outcomes.
- Reporting of "no critical/high issues" can reflect either a robust codebase, limited scope, or differing severity thresholds; without the full report and scope details, it is not definitive proof of reduced exploit risk.