Ethena's sUSDe Contract Has Admin Power to Redistribute Restricted User Balances

The StakedUSDeV2 contract underpinning Ethena's sUSDe token contains a function called redistributeLockedAmount, which allows an admin to move an entire balance from one address to another or burn it. The function is not a hidden backdoor — it is documented in the contract's own comments and only applies to addresses already flagged with the FULL_RESTRICTED_STAKER_ROLE. Blacklisting an address requires a separate BLACKLIST_MANAGER_ROLE, meaning the admin cannot unilaterally restrict and then drain any arbitrary wallet. The admin role is held by a timelock contract enforcing a mandatory 24-hour delay, ensuring any such action must be publicly queued before execution. Key unknowns remain, including who holds the BLACKLIST_MANAGER_ROLE and who can propose transactions on the timelock, which determine the real-world strength of these safeguards.