Reported 3 days ago
Paxos, the issuer of PayPal's PYUSD stablecoin, accidentally minted $300 trillion worth of tokens due to an internal error, which was quickly identified and corrected within 30 minutes, ensuring no customer funds were affected. Despite the alarming figure, which far exceeds global GDP, the incident highlighted the capabilities and risks inherent in digital finance, emphasizing the need for stricter internal controls to prevent such issues in the future.
Source: YAHOO