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Paxos Resolves $300 Trillion PYUSD Minting Glitch, Assures No Security Breach

Paxos Resolves $300 Trillion PYUSD Minting Glitch, Assures No Security Breach

Author:

Global Cryptocurrency

Published:

2025-10-16 15:48:03

13

3

BTCCSquare news:

Paxos encountered a technical malfunction in its minting system, leading to the accidental creation of 300 trillion PayPal USD (PYUSD) tokens. The incident, which occurred at 3:12 p.m. ET, was swiftly rectified within minutes. All excess tokens were burned to restore the correct supply, and Paxos confirmed no security breach or compromise of customer assets.

The glitch briefly disrupted DeFi platforms, prompting Aave to temporarily freeze its PYUSD markets. Etherscan data verified the anomalous transaction from a Paxos hot wallet to PayPal's PYUSD smart contract. Paxos has since identified and resolved the root cause, ensuring normal operations resumed without further disruption.

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