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Here's a breakdown w/ transactions of the @Paxos and @PayPal blunder with $PYUSD yesterday.
11:04am EST: "Whoopsies" Paxos burns 300 million PYUSD. (https://t.co/i8RPj7xNO7)
3:12pm EST (4hrs later): Amateur Hour. Copy-paste full burned amount not realizing it's 6 decimals. Mint 300T instead. https://t.co/HnPqendwHb
3:34pm EST (20m later), "Quick, undo, undo!" https://t.co/Ck2Y2BDYOK
5:15pm EST (2hrs later). Re-mint the original $300mm https://t.co/fnKLNZuYyk
Some forensics on the the PYUSD token mint today. Its worse than I thought.
Looks like Paxos tried to transfer 300M PYUSD between wallets, but accidentally burned 300M instead.
So in order to undo their mistake, they tried to remint the 300M they burned back into the original wallet... but messed up AGAIN and accidentally minted 300 trillion.
At 3:12 PM EST, Paxos mistakenly minted excess PYUSD as part of an internal transfer. Paxos immediately identified the error and burned the excess PYUSD.
This was an internal technical error. There is no security breach. Customer funds are safe. We have addressed the root cause.
Hello, @world_chain_
The world's best stablecoin is now available on the blockchain designed for real humans.
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