[Ethena Founder Clarifies No Special No-ADL Privilege Agreement with Exchanges] In response to community concerns about undisclosed special ADL (Auto-Deleveraging) arrangements, the founder of Ethena issued a statement clarifying that Ethena has never reached any so-called no-ADL privilege agreement with any exchange. The associated ADL risks have been publicly disclosed since the launch of Ethena's documentation. The triggering order of ADL typically depends on account leverage ratios and unrealized profit levels. Ethena adopts a daily profit settlement and zero-leverage strategy, which places it at the lowest priority in the ADL hierarchy.