Now in crypto, Paxos says it “mistakenly” minted 300 trillion PayPal StableCoins; Coinbase Ventures is backing 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 have doubled their $10,000 ether price target for the end of the year.
A $ 300 trillion fat-finger, like accidentally mints pyusd … before it burns
Blockchain data showed stablecoin issuer Paxos both 300 trillion tokens were minted and burned of PayPal USD stableCoin within 30 minutes, leaving many crypto users scratching their heads.
In a Wednesday x post following mint and burn, Chaos Labs founder Omer Goldberg said AAVE is temporarily freezing trades for PayPal USD (fuse) after an “unexpected high magnitude transaction” of stablecoin minting and burning. Ethereum blockchain data showed paxos Minty 300 trillion US dollar-pegged stablecoin at 7:12 PM UTC and after burning The full amount 22 minutes later by sending it to an inaccessible wallet.
Pyusd, which is pegged 1:1 to the US dollar, creates a supply of combustible coins worth about $ 300 trillion. StableCoin has a market capitalization of over $2.3 billion as of this writing, making it the sixth largest coin behind Tether’s USDT (USDT), USDC (USDC), Athena USDE (USDE), Dai (no) and World Liberty Financial USD (USD1).
In a Wednesday x post, Paxos said It “mistakenly minted too much pyusd as part of an internal transfer.”
“This is an internal technical error,” Paxos said. “There was no security breach. Customer funds are safe. We have addressed the root cause.”
Coinbase invests in Indian Crypto Exchange CoindCX at $2.45 billion valuation
Coinbase Ventures, the investment arm of US-based Crypto Exchange Coinbase, has invested an undisclosed amount On India’s cryptocurrency platform CoindCX.
According to a Wednesday Coinbase announcementThe placement was made by the exchange’s investment arm, Coinbase Ventures. coindcx co-founder and CEO Sumit Gupta wrote in an x Post that investment occurred at a post-money valuation of $2.45 billion.
In a separate announcement, COINDCX claimed to serve more than 20 million customers in India and the United Arab Emirates, by the end of 2024. Getting local Crypto Exchange Bitoasis.
Coinbase noted in its announcement that, in July, CoindCX’s annual revenue stood at nearly $141 million and the annual transaction volume across products reached $165 billion. The assets held under the custody of the Indian Exchange reportedly stood at $1.2 billion at that time.
Tom Lee, Arthur Hayes double to $10,000 ether this year
Bitmine Chair Tom Lee and Bitmex co-founder Arthur Hayes hold Strong in their prediction That ether will hit $10,000 this year, despite the recent crypto crash, and with less than three months left on the clock.
“For Ethereum, somewhere between ($10,000) and $12,000,” Lee said On Tuesday’s Bankless podcast, when asked where he sees the price of the cryptocurrency at the end of this year.
Hayes, who also appeared on the same episode of the podcast, said he will “stay consistent” with his $10,000 prediction by the end of the year.
Lee stressed that a significant rally like this wouldn’t signal too much market froth, either, as ether has largely rallied within a range from hitting an all-time high of $4,878 in 2021.
“Ethereum has basically been based for four years now, just breaking the range, so to me, it’s not going to be a major top, but rather looking for an important price discovery at a new level,” Lee said.
