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Today in crypto, Paxos says it “mistakenly” minted 300 trillion PayPal stablecoins; Coinbase Ventures backs Indian exchange CoinDCX at a $2.45 billion valuation amid its expansion into India and the Middle East, and analysts Tom Lee and Arthur Hayes double down on their $10,000 Ether price target for year-end.
Blockchain data showed stablecoin issuer Paxos both minted and burned 300 trillion tokens of the PayPal USD stablecoin within 30 minutes, leaving many crypto users scratching their heads.
In a Wednesday X post following the mint and burn, Chaos Labs founder Omer Goldberg said Aave would be temporarily freezing trades for PayPal USD (PYUSD) after an “unexpected high-magnitude transaction” of minting and burning the stablecoin. Ethereum blockchain data showed Paxos minting 300 trillion of the US dollar-pegged stablecoin at 7:12 pm UTC and then burning the entire amount 22 minutes later by sending it to an inaccessible wallet.
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