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Pax Dollar(USDP)

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0.00003587 BTC
Market Cap (Rank#59)
31,499 BTC
Vol 24h
917.743 BTC
Circulating Supply
Max Supply
31 day ago cryptodaily
DeFi Protocol Platypus Compromised For $8.5M
The DeFi protocol Platypus has been the target of the latest flash loan attack, which has resulted in a loss of funds worth $8.5 million. Flash Loan Attack Results In Stablecoin Depeg The flash loan attack on the Platypus protocol was first brought to attention when blockchain security firm Certik reported on it on Twitter. The security company also tweeted out the wallet address of the attacker responsible for the flash loan attack. Soon after, the Platypus team also confirmed the attack and the subsequent fund loss. The team tweeted, “We regret to inform you that our protocol was hacked recently, and the attacker took advantage of a flaw in our USP solvency check mechanism. They used a flashloan to exploit a logic error in the USP solvency check mechanism in the contract holding the collateral.” The flash loan attack also resulted in the loss of the dollar peg for the protocol’s stablecoin. Platypus USD (USDP), the protocol’s native stablecoin, fell to 48 cents from its $1 anchor as a direct consequence of the hack. Hacker Identified The team informed that the $8.5 million were stolen from the main pool and that funds in other pools were unaffected. Furthermore, the team further informed that 35% of user deposits are covered by the protocol and are looking into compensation and reimbursement options for affected wallets. The team is also working with Binance, Tether, and Circle to also freeze the funds of the hacker, who has been contacted with the proposal to return the funds in exchange for a bounty amount. An on-chain sleuth going by the pseudonym ZachXBT on Twitter has identified a now-deleted Twitter account as being behind the flash loan attack on Platypus. According to ZachXBT, he was able to trace the wallet address of the hacker, as revealed by Platypus, back to the now-deleted Twitter account. He revealed that he had intimated this information to the Platypus team, who would prefer to negotiate a refund, before resorting to police involvement. A Hacktober “Flash”-Back The flash loan attack is similar to a stream of hacks that shook the market in October 2022. The “Hacktober” attacks affected protocols like QuickSwap, Vee Finance, Ankr, Mango Markets, and others. In fact, it is interesting to note that both the CFTC and the FBI have taken severe legal action against Mango Markets exploiter Avraham Eisenberg, who claimed that his actions were perfectly within the bounds of legal trading strategy. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
35 days ago cryptodaily
SEC to Sue Paxos Over Binance USD Token
According to reports by the Wall Street Journal, the SEC is planning to sue the stablecoin issues Paxos over Binance USD. Reports by the Wall Street Journal, indicate the United States Securities and Exchange Commission (SEC) intends to sue the stablecoin issuer Paxos Trust Co. for violating investor protection laws relating to its Binance USD (BUSD) token. Paxos, which issues the Pax dollar (USDP) and BUSD, is also under investigation by the New York Department of Financial Services (NYDFS). While the SEC alleges that BUSD is an unregistered security, the scope of the NYDFS’s investigation is unclear. Paxos Halts Minting of New BUSD Tokens According to reports, following the news of the SEC’s intention to sue, the stablecoin issuer said it would halt the minting of new BUSD tokens. A spokesperson for Binance told news outlet CoinDesk: BUSD is a stablecoin wholly owned and managed by Paxos. As a result, the BUSD market cap will only decrease over time. Paxos will continue to service the product, manage redemptions, and will follow-up with additional information as required. Paxos also assured the funds are safe, and fully covered by reserves in their banks. Adding, Given the ongoing regulatory uncertainty in certain markets, we will be reviewing other projects in those jurisdictions to ensure our users are insulated from further undue harm. SEC Criticized by Its Members Over Its Attitude to Crypto The news of the SEC’s intention with Paxos comes just days after it settled charges with crypto exchange Kraken. During a closed-door meeting held last week, Kraken agreed to pay $30 million in penalties to the SEC and shutter its staking business. The regulator argued that the exchange’s staking program “was an unlawful offer and sale of securities.” Following the news of the settlement between the SEC and Kraken, Hester Peirce, one of the current four SEC commissions serving under the chairmanship of Gary Gensler, shared her thoughts and “dissent” regarding the settlement. Peirce, who has always defended her right to maintain her own views, shared on the SEC’s website a statement calling the agency “hostile to crypto.” Peirce argued that Kraken had been the target of the SEC’s regulatory action because its staking program should have been registered with the agency as a securities offering. She was, however, not speaking to whether the program was or wasn’t a security, but did say in the current environment for crypto at the SEC, for Kraken to obtain registration for its program would be extremely difficult. Opinion Although this is only the opinion of one of its own commissioners, the SEC should take cognizance of Peirce’s statements. If one of its own members has critique to deliver, going as far as to call the agency “lazy and paternalistic,” the agency should maybe take a step back and reconsider if its current approach to crypto regulation is achieving very much but for to scare investors away from the space. Ultimately, the agency must remember that its duty is to protect investors, not enforce companies to a point where they may decide to remove themselves from the space entirely. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
38 days ago cryptopotato
Paxos Under Investigation By US Authorities: Report
Paxos, the entity that issues BUSD and its own lesser-known stablecoin, the Pax Dollar (USDP), is reportedly being investigated by NYSDFS.
60 days ago coindesk
Paxos Courts MakerDAO With Paying Yield for Holding Up to $1.5B USDP Stablecoin
The proposal by Paxos is part of MakerDAO’s effort to generate income on its $7 billion digital asset reserve.

About Pax Dollar?

The live price of Pax Dollar (USDP) today is 0.997364 USD, and with the current circulating supply of Pax Dollar at 878,084,065.08 USDP, its market capitalization stands at 875,769,309 USD. In the last 24 hours USDP price has moved 0.001959 USD or 0.00% while 25,763,587 USD worth of USDP has been traded on various exchanges. The current valuation of USDP puts it at #59 in cryptocurrency rankings based on market capitalization.

Learn more about the Pax Dollar blockchain network and how it works or follow the price of its native cryptocurrency USDP and the broader market with our unique COIN360 cryptocurrency heatmap.

Paxos Standard is a token backed by USD deposits. Paxos works by infusing the stability of the US dollar with innovative technology like decentralized trusts, distributed ledgers, and smart contracts. Paxos Standard was developed to improve the function of money without trading in its reliability. You can check out the latest PAX price on Coin360. Find Paxos Standard token price graphs, market capitalization and the latest news about the Paxos token on

Pax Dollar Price0.997364 USD
Market Rank#59
Market Cap875,769,309 USD
24h Volume25,515,700 USD
Circulating Supply878,084,065.08 USDP
Max Supply106,388,842 USDP
Yesterday's Market Cap876,278,117.65 USD
Yesterday's Open / Close0.995984 USD / 0.997943 USD
Yesterday's High / Low0.999135 USD / 0.995746 USD
Yesterday's Change
0.00% ( 0.001959 USD )
Yesterday's Volume25,763,586.70 USD
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