TechFlow, Oct 16 — According to Cointelegraph, stablecoin issuer Paxos accidentally minted 300 trillion PayPal USD (PYUSD) tokens at 3:12 AM UTC+8 today. The tokens were sent to a burn address 22 minutes later. Based on PYUSD's 1:1 peg to the US dollar, the nominal value of the destroyed tokens was approximately $300 trillion, more than double the combined GDP of all countries worldwide.
Following the incident, Paxos issued a statement attributing the event to an "erroneous mint caused by an internal technical error," emphasizing that there was no security breach, customer funds remain safe, and the root cause has been resolved.
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