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Paxos’ $300tn stablecoin blunder sparks confusion amid firm’s trust charter bid
Paxos’ erroneous creation of trillions worth of a stablecoin has left the crypto industry wondering how one of its biggest and most respected firms could make such a colossal error. On Wednesday, the New York-based fintech minted $300 trillion worth of PYUSD, PayPal’s stablecoin, amid a series of strange transactions, onchain records show. The incident “revealed problems in Paxos’s incident response,” according to Yehor Rudytsia, head of forensics and incident response at Hacken, a blockchain security firm. “Paxos stated that they ‘immediately identified a problem,’ but it took 22 minutes to execute ... (full story)
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