Aave freezes PYUSD markets after unprecedented 300T mint and burn
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Crypto users were left scrambling on Wednesday after Paxos minted 300 trillion of PayPal's PYUSD stablecoin, then sent it all to a burn address.
Blockchain data showed stablecoin issuer Paxos both minted and burned about $300 trillion worth 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.
In a Wednesday X post, Paxos said it had “mistakenly minted excess PYUSD as part of an internal transfer.”
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