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Yes: Ethena’s public StakedUSDe.sol source defines an admin-only function that burns the full sUSDe share balance of a fully restricted address and can mint the same number of shares to another address. It is not an ordinary token transfer, and it cannot be used by this function against an arbitrary holder. The scanner miss described in the title is an author-reported result; it has not been independently reproduced here.

What redistributeLockedAmount does

In Ethena’s public StakedUSDe.sol source, redistributeLockedAmount(from, to) is guarded by DEFAULT_ADMIN_ROLE. It requires the source address to hold FULL_RESTRICTED_STAKER_ROLE and the destination not to hold that role.

The function burns all sUSDe shares at from. If to is a nonzero address, it mints the same number of shares to to; if to is the zero address, the shares remain burned. Because it burns and mints rather than transferring tokens, describing the operation as a standard ERC-20 transfer would be inaccurate.

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Can an admin move any holder’s sUSDe?

Not through this function alone. The source address must already be fully restricted, and the destination must not be fully restricted. The function’s source-level checks therefore make redistribution conditional rather than an unrestricted ability to take any holder’s balance.

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Restriction and redistribution are separate powers in the source. addToBlacklist is gated by BLACKLIST_MANAGER_ROLE and assigns a soft or full restriction; it also checks that the target is not the contract owner. The redistribution function instead requires DEFAULT_ADMIN_ROLE. Do not treat these roles as interchangeable.

A full restriction also affects routine token movement: the transfer hook rejects transfers from a fully restricted address and transfers to one. These controls operate on addresses. The code does not, by itself, establish the identity of a person behind a custodian, exchange, vault, or smart wallet.

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Why a scanner might miss this function

The article author reports that their scanner categorized privileged functions by matching function names against a defined set of powers, and that redistributeLockedAmount matched none of those categories. That reported miss illustrates a limitation of name-based classification: consequential behavior may be expressed in a function name that does not fit a scanner’s taxonomy.

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For review, a function name is only a starting clue. A more useful checklist is:

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  • Inspect the access modifier or role check and identify who is authorized.
  • Read the function body to see what state changes and token operations it performs.
  • Trace where its required roles are granted, revoked, and used.
  • Follow conditional checks, including restrictions on source and destination addresses.
  • Keep privileged functions that the scanner cannot classify in a human-review queue, with evidence linking the finding to the relevant code.

These are review criteria, not a claim that any particular scanner or method has been tested or that automated analysis alone is sufficient.

What the source establishes—and what it does not

The public repository source establishes the behavior written in that source file. It does not establish that the live deployed bytecode matches it, who currently holds the relevant roles, whether a live timelock has proposer or executor permissions or a delay, or what policy controls govern use. Those require separate deployment and on-chain checks.

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Nor does the source alone establish that redistribution has occurred, that a holder has suffered a realized loss, or that the function is a vulnerability or evidence of malicious intent. The function documents a privileged capability affecting fully restricted addresses; assessing its present operation or history requires evidence beyond this code excerpt.

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Historical implementation context

The 2023 Code4rena-hosted Ethena source is useful for code-history context. Its description of the full restriction role says it prevents transfer, staking, or unstaking. That earlier source should not be treated as proof of the exact currently deployed implementation.

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