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Today in cryptocurrency, Paxos states it “erroneously” minted 300 trillion PayPal stablecoins; Coinbase Ventures supports Indian exchange CoinDCX at a $2.45 billion valuation amidst its growth into India and the Middle East, and analysts Tom Lee and Arthur Hayes reaffirm their $10,000 Ether price objective for year-end.
A $300 trillion typo, as Paxos inadvertently mints PYUSD… before incinerating it
Blockchain data revealed stablecoin issuer Paxos both minted and eliminated 300 trillion tokens of the PayPal USD stablecoin within 30 minutes, leaving numerous crypto enthusiasts puzzled.
In a Wednesday X post following the mint and elimination, Chaos Labs founder Omer Goldberg mentioned Aave would temporarily suspend transactions for PayPal USD (PYUSD) after an “unexpectedly large transaction” of minting and burning the stablecoin. Ethereum blockchain data indicated Paxos minting 300 trillion of the USD-pegged stablecoin at 7:12 PM UTC and then burning the total amount 22 minutes later by transferring it to an unreachable wallet.
PYUSD, pegged 1:1 to the US dollar, values the quantity of the incinerated coins at approximately $300 trillion. The stablecoin possesses a market capitalization exceeding $2.3 billion at this moment, ranking as the sixth-largest coin behind Tether’s USDt (USDT), USDC (USDC), Ethena USDe (USDe), Dai (DAI) and World Liberty Financial USD (USD1).
In a Wednesday X post, Paxos stated it had “inadvertently minted excessive PYUSD as part of an internal transition.”
“This was an internal technical mistake,” remarked Paxos. “There is no security violation. Customer assets are secure. We have addressed the fundamental cause.”
Coinbase invests in Indian crypto exchange CoinDCX at $2.45 billion valuation
Coinbase Ventures, the investment division of US-based crypto exchange Coinbase, has invested an undisclosed sum in Indian cryptocurrency platform CoinDCX.
According to a Wednesday Coinbase announcement, the investment was executed via the exchange’s investment entity, Coinbase Ventures. CoinDCX co-founder and CEO Sumit Gupta communicated in an X post that the investment took place at a post-money valuation of $2.45 billion.
In a separate statement, CoinDCX claimed to cater to more than 20 million clients in India and the United Arab Emirates, following its late 2024 acquisition of the local crypto exchange BitOasis.
Coinbase emphasized in its announcement that, as of July, CoinDCX’s annual revenue was approximately $141 million and its yearly transaction volume across products had reached $165 billion. The assets held under custody by the Indian exchange reportedly totaled $1.2 billion at that time.
Tom Lee, Arthur Hayes reaffirm $10,000 Ether this year
BitMine chair Tom Lee and BitMEX co-founder Arthur Hayes are maintaining strong on their forecast that Ether will reach $10,000 this year, despite the recent crypto downturn, and there being fewer than three months left in the year.
“For Ethereum, somewhere between [$10,000] and $12,000,” Lee declared on the Bankless podcast on Tuesday, when asked about his expectations for the cryptocurrency’s price by year’s end.
Hayes, who was also featured on the same podcast episode, stated he is “going to remain steadfast” with his $10,000 prediction by year-end.
Lee underscored that a significant surge such as this wouldn’t indicate excessive market exuberance, either, as Ether has predominantly been consolidating within a range since achieving an all-time high of $4,878 in 2021.
“Ethereum’s essentially been basing for four years now, just escaped the range, so in my view, it wouldn’t be a blow-off top, but rather searching for price discovery at a new level,” Lee remarked.
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