Tech Brew Ride Home A $300 Trillion Oopsie
93 snips
Oct 16, 2025 In a stunning turn of events, a stablecoin error led to the minting and burning of $300 trillion! Apple’s AI chief is leaving for Meta, sparking concerns over Siri's future. A major cyberattack has compromised key infrastructure, with hackers stealing crucial source code. Excitingly, a new phone concept features a fold-out camera arm that could revolutionize mobile photography. Lastly, there's a heated debate on whether the AI startup boom is merely a bubble, with valuations soaring into the stratosphere!
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Massive Minting Fat Finger
- Paxos mistakenly minted $300 trillion of PayPal-branded PiUSD on Ethereum and burned it about 20 minutes later.
- Paxos called it an internal technical error and said customer funds were safe.
Charter Risk From Operational Failures
- The error highlights governance risks if stablecoin issuers gain bank charters and access to payment rails.
- Regulators should weigh operational controls before granting national trust charters.
Apple AI Exodus Continues
- Apple AI lead Key Yang is leaving to join Meta after recently heading the Answers team for Siri.
- His exit follows broader departures from Apple's foundation models group to competitors like Meta.
