A $300 Trillion Crypto Error Just Exposed the Industry’s Biggest Weakness—And Its Surprising Strength
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Paxos accidentally minted $300 trillion in stablecoins on Oct. 17, more than double the world’s GDP. The error was quickly caught and reversed within minutes, with no impact on customer funds, highlighting both the fragility and resilience of crypto infrastructure.
CEO Chad Cascarilla told CNBC the error was a “manual mistake” involving control systems that separate cold offline storage from warm online systems. These security layers are designed to protect customer assets but can create opportunities for operational mistakes when moving between them.
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