Discussion

• NullTX Will Izuchukwu on x

  Paxos Technical Error Creates $300 Trillion PYUSD: Confirms Mint Was Internal Error, Not a Hack

• @paxos @paxos on x

  At 3:12 PM EST, Paxos mistakenly minted excess PYUSD as part of an internal transfer. Paxos immediately identified the error and burned the excess PYUSD. This was an internal technical error. There is no security breach. Customer funds are safe. We have addressed the root

• @omeragoldberg Omer Goldberg on x

  PYUSD is operational and fully backed at a 1:1 ratio. Earlier today, 300 trillion was minted and subsequently burned. We've temporarily frozen PYUSD markets on @aave as we investigate the issue. Funds are safe! [image]

• @arkham @arkham on x

  Paxos just minted the entirety of global debt on the Ethereum Blockchain. [image]

• @zerohedge @zerohedge on x

  Hey guys, so - uh - what exactly was this $300 trillion in “stablecoin” colaterlized by when it was minted, mistakenly or otherwise

• @sorenthek @sorenthek on x

  @Paxos It's not the dollar amount you should be thinking about. It's the fact that this is a collateralized asset that can be created without the collateral.

• @molly0xfff Molly White on x

  well there's the national debt solved

• @ruidiaox Rui Diao on x

  @Paxos While I appreciate the transparency and the incredibly fast response to burn the excess PYUSD, the initial minting error itself is definitely concerning, given the bedrock trust required for a dollar-backed stablecoin. Glad to hear customer funds are unaffected and the roo…

• @yannickcrypto @yannickcrypto on x

  6h ago @PayPal accidentally minted 300 trillion @Paxos. Seems like they added the 6 decimals twice. What concern me that it seems they haven't a dashboard that handle the decimals or a security protocol where several employer have to authentificate when they mint 9 figs almost [i…

• @pixonchain @pixonchain on x

  > mint $300T > lend them for an hour at a mere 5% APY > make $1.71B > burn $300T, whoopsie we were doing a test transaction > business [image]

• @yueqi_yang Yueqi Yang on x

  New York Department of Financial Services, which regulates Paxos, says it is “aware of the incident and is in contact with Paxos and PayPal.” Earlier, Paxos mistakenly created $300 trillion PayPal stablecoins https://www.theinformation.com/ ... [image]

• @_whitneywebb Whitney Webb on x

  the paypal “private” cbdc equivalent on the way, as predicted. i'm sure it's fine, they've never seized people's money for thoughtcrime before, right?

• @ryansadams Ryan Sξan Adams on x

  Did Paypal just mint $300 Trillion worth of stablecoins on Ethereum? That's gotta be an intern error [image]

• @suhailkakar Suhail Kakar on x

  $2.67 to mint $300,000,000,000,000 $2.40 to burn $300,000,000,000,000 incredible technology, ethereum [image]

• @cryptokaleo @cryptokaleo on x

  don't know what all of the FUD is about This is obviously real Somebody is just incredibly bullish and had three hundred trillion dollars lying around and decided they wanted to ape all of your coins

• @pierresamaties Pierre on x

  Crypto's initial noble vision was to create a better monetary system. Instead, it created the absolute opposite of what Satoshi had in mind: another uncontrolled fiat printing machine.

• @cobb_xrpl Cobb on x

  BREAKING: @PayPal, through an infinite money glitch has just paid off the entire U.S. federal debt

• @martypartymusic @martypartymusic on x

  How is this legal @SECPaulSAtkins - a regulated Stable Coin Issuer can “accidentally” issue $300 trillion of Stable Coin on Ethereum then burn it? Do you understand the effects this has on the market? Investigate!!! [image]

• @naruto11eth @naruto11eth on x

  BREAKING: PAYPAL's PYUSD minted $300 TRILLION UNITED STATES OF AMERICAN DOLLARS ??????????? did the dev make a mistake?😭😭😭😭 [image]

• @jeremyybtc Jeremy on x

  BREAKING: PAYPAL JUST MINTED $300,000,000,000,000 ($300 TRILLION) $PYUSD on Ethereum WHAT IS HAPPENING??? [image]

• @yazanxbt Yazan on x

  As expected, it was just an error Paxos just burned the $300 trillion $PYUSD they accidentally minted a few minutes ago. Don't trust. Verify. 4 [image]

• @presidenthodl John Wingate on x

  I'll tell you one thing.... It's not genius act compliant.....

• @koeppelmann @koeppelmann on x

  Certainly not a good look to get the decimals wrong when minting stables and not having procedures in place to catch that early.

• @thecryptocpa Shehan on x

  @Cointelegraph Turns out you can print crypto just like fiat.

• @evan_ss6 @evan_ss6 on x

  They gunna rip the biggest market buy in history?

• @zerohedge @zerohedge on x

  a test for the real thing when the time comes

• @shotguncaio @shotguncaio on x

  Paxos just minted $300 trillion PYUSD, then burned it. All for $2.67 in gas. It didn't go into circulation, no one got rich, but it does show how easy it is to press the wrong button when money is just code. PYUSD is PayPal's “regulated” stablecoin. So seeing a $300T mint [image]

• @dubdublin @dubdublin on x

  @Paxos Even scaririer than the fact that they created a ridiculous amount of a collateralized coin with no collateral, it that this makes it seem like there may be no protection at all against them “burning” any coins they want on their chain, regardless of whether that is legiti…

• @whosknave Jack Kubinec on x

  Paxos minted $300 trillion PYUSD, and now it just burned the $300 trillion. Seems like someone fat fingered the PYUSD supply. Ethereum stablecoin supply topped $300T for exactly 23 minutes. May take a while to get back to that number. Never a dull day in crypto! [image]

• @silvermanjacob Jacob Silverman on x

  Crypto companies would never just mint tokens out of thin air would they

• @nassyweazy @nassyweazy on x

  Paxos mints *$300 TRILLION* PYUSD on Ethereum Mainnet by mistake. That is crazy. People have to realize how sensitive those operations are and that issuers need a ton of guardrails to prevent not just hacks but also fat-fingering issues. [image]

• @knveth @knveth on x

  $2.67 to mint 300 TRILLION UNITED STATES DOLLARS [image]

• @prietschka Paul Rietschka on bluesky

  Bode is right: we're entering a likely multi-decade period of 19th c.-style financial panics.  —  And it all was avoidable.  [embedded post]

• @karlbode.com Karl Bode on bluesky

  it's going to be a 20+ year orgy of dysfunction and financial fraud painfully illustrating why functioning regulators are important  —  completely avoidable, but we all have to suffer in perpetuity because eggheads like Andreessen got mad because a female antitrust reformer brief…

• @folletto Erin Casali on bluesky

  Wasn't the thing about crypto that minting is a very expensive process that required computational power and alignment and it was all public and and and...  If they can just mint $300T at the press of a button, isn't then this just a slow database no different from normal banking…

• @emilprotalinski Emil Protalinski on bluesky

  Think of all the crypto companies that do this but don't fess up, or don't even think it's an issue.  [embedded post]

• @prietschka Paul Rietschka on bluesky

  Stablecoins are the future.  —  So stable.  Not at all counterfeiting.  This will end well.  [embedded post]

• @molly.wiki Molly White on bluesky

  good news, we've fixed the national debt [embedded post]

• @harrymccracken@mastodon.social Harry McCracken on mastodon

  It's happened to all of us.  I accidentally mined $300 trillion in cryptocurrency myself twice just last week.  —  (PayPal manages my crypto portfolio, which is currently worth $85.85.) https://decrypt.co/...

• r/Buttcoin r on reddit

  Printing Money: Paxos Mints, Then Burns $300 Trillion in PayPal Stablecoins