A technical glitch releases $300 trillion in cryptocurrency in seconds!

 

Dollar and digital currencies

A technical glitch releases $300 trillion in cryptocurrency in seconds!

New York-based financial technology company Paxos announced Wednesday that a technical error briefly caused $300 trillion in cryptocurrency to be issued, but the error was quickly discovered and corrected.

The incident involved PYUSD, a stablecoin pegged to the US dollar, issued by Paxos in partnership with PayPal .
Stablecoins are digital currencies pegged to traditional currencies, meaning one unit of PYUSD can be bought or sold for one dollar, according to the German News Agency (dpa).

"Paxos mistakenly minted an excess amount of PYUSD during an internal transfer," the company said via its X platform, adding that it "immediately identified the error and burned (disposed of) the excess token."

The $300 trillion figure appeared on EtherScan, a platform that tracks cryptocurrency transactions.
Previous transactions had shown values ​​of around $300 million, leading observers to suspect an error.
Paxos reassured its customers that no cyberattack had occurred and that users were not at risk.

This incident raises new questions about the security of the cryptocurrency market, as the amount traded briefly far exceeds the size of the global economy, which the International Monetary Fund estimates at $117 trillion by 2025.