Summary
- Paxos said it accidentally overissued PYUSD during an internal transfer process.
- Paxos said it immediately recognized the technical error and burned all the excess issuance (burned).
- The company emphasized that customer funds are safe and that the root cause of the issue has already been resolved.
Stablecoin issuer Paxos was found to have accidentally overissued PayPal USD (PYUSD) during an internal transfer process.
On the 16th (local time), Paxos announced via X, "PYUSD was overissued due to a technical error during an internal transfer process," and said, "We immediately recognized the issue and burned all the excess issuance."
They added, "This incident was entirely due to an internal technical error; there was no hacking or external security breach. Customer funds are safe, and the root cause has already been resolved," they emphasized.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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