PANews reported on October 16th that, according to Bloomberg, stablecoin issuer Paxos said it mistakenly minted 300 trillion PYUSD stablecoins early this morning, but destroyed the tokens minutes later. The amount of this erroneous transaction far exceeds the size of both the traditional currency market and the entire crypto market. There are currently approximately $2.4 trillion in US dollars in circulation. Tether's USDT, the world's largest stablecoin, has a market capitalization of $180.6 billion, while the entire cryptocurrency market is valued at approximately $3.8 trillion. In addition, Paxos officials stated: "This was an internal technical failure. No security breach occurred. Customer funds are safe. The root cause has been identified and resolved."PANews reported on October 16th that, according to Bloomberg, stablecoin issuer Paxos said it mistakenly minted 300 trillion PYUSD stablecoins early this morning, but destroyed the tokens minutes later. The amount of this erroneous transaction far exceeds the size of both the traditional currency market and the entire crypto market. There are currently approximately $2.4 trillion in US dollars in circulation. Tether's USDT, the world's largest stablecoin, has a market capitalization of $180.6 billion, while the entire cryptocurrency market is valued at approximately $3.8 trillion. In addition, Paxos officials stated: "This was an internal technical failure. No security breach occurred. Customer funds are safe. The root cause has been identified and resolved."
Paxos mistakenly issued 300 trillion PYUSD and has now destroyed it, citing an internal technical glitch.
PANews reported on October 16th that, according to Bloomberg, stablecoin issuer Paxos said it mistakenly minted 300 trillion PYUSD stablecoins early this morning, but destroyed the tokens minutes later. The amount of this erroneous transaction far exceeds the size of both the traditional currency market and the entire crypto market. There are currently approximately $2.4 trillion in US dollars in circulation. Tether's USDT, the world's largest stablecoin, has a market capitalization of $180.6 billion, while the entire cryptocurrency market is valued at approximately $3.8 trillion.
In addition, Paxos officials stated: "This was an internal technical failure. No security breach occurred. Customer funds are safe. The root cause has been identified and resolved."
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