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From the Coinbase Business launch to Paxos accidentally minting 300 trillion PYUSD, here is a roundup of the top crypto stories you may have missed.
Coinbase Launches Stablecoin Payments Platform for Businesses
Crypto exchange giant Coinbase announced Coinbase Business, a financial platform designed for small and midsize firms to manage crypto payments, earn stablecoin yields, and integrate with accounting tools.
The platform allows businesses to receive digital assets, access instant settlements, and earn up to 4.1% APY on USDC holdings.
According to Coinbase, the platform will support tools like QuickBooks and Xero, enabling companies to simplify bookkeeping, export tax reports, and manage crypto accounting
The exchange also described the service as a “crypto operating account,” positioning it against fintech competitors such as Mercury, Brex, and crypto payment providers like BitPay. The product is currently in alpha mode, with a wider rollout expected later in 2025.
Crypto.com CEO Kris Marszalek called on regulators to investigate crypto exchanges following a record $20 billion in liquidations within 24 hours, one of the largest liquidation events in crypto history, exceeding the $1.6 billion wiped out during the FTX collapse.
Marszalek urged authorities to examine whether certain platforms halted trading, mispriced assets, or failed to enforce anti-manipulation controls during the crash.
Data from CoinGlass shows Hyperliquid led with $10.31 billion in liquidations, followed by Bybit, with $4.65 billion, and Binance, with $2.41 billion.
Binance confirmed that a price depeg involving USDe, BNSOL, and WBETH led to forced liquidations and said it would review affected accounts to determine eligibility for compensation in cases of platform error.
The wipeout coincided with broader market volatility, including U.S. President Donald Trump announcing 100% tariffs on Chinese imports, which followed China’s rare earth export restrictions.
DOJ Seizes $15B in Bitcoin from Massive Cambodia-Based Crypto Scam
The U.S. Department of Justice (DOJ) seized $112 million in funds linked to cryptocurrency investment scams, with a separate forfeiture action filed for approximately $15 billion in bitcoin currently in U.S. custody.
Federal prosecutors in Brooklyn charged Chen Zhi, also known as “Vincent,” head of Prince Holding Group, for allegedly directing forced-labor scam compounds engaged in cryptocurrency fraud schemes.
Zhi, 37, remains at large and is accused of running forced-labor compounds where trafficked workers were beaten and coerced into targeting victims online through fake romantic and investment schemes.
The DOJ indictment describes Prince Group as operating forced-labor scam compounds, but no formal designation by the Treasury Department has been announced.
Global Crypto Market Reaches $4 Trillion in Q3, Highest Since 2021
The global cryptocurrency market cap climbed 16.4% in the third quarter of 2025 to $4 trillion, its highest level since late 2021, according to CoinGecko’s Q3 Crypto Industry Report.
The report attributed the surge to stronger liquidity, institutional inflows, and a sharp rebound in trading activity, with average daily trading volume up 43.8% to $155 billion.
Stablecoins recorded an 18.3% increase in market cap to a record $287.6 billion, while DeFi’s total value locked rose 40.2% to $161 billion, with its market cap peaking at $181 billion in late September.
ETH reached a new all-time high of $4,946 in August, while BNB also record at $1,370.55. Centralized spot exchange volumes grew 31.6% to $5.1 trillion, while perpetual decentralized exchange trading surged 87% to $1.8 trillion.
Binance Denies $2.5M Listing Fee Claims, Threatens Legal Action Against Limitless Labs CEO
Binance rejected claims by Limitless Labs CEO CJ Hetherington that the exchange demanded steep token and cash payments for a listing, calling the allegations “false, defamatory, and damaging.”
The company said it does not charge listing fees or profit from token listings, emphasizing that deposits and token allocations are used to benefit users and protect the platform. The exchange also warned of possible legal action against Hetherington for leaking private communications.
Hetherington alleged that Binance requested 8% of his project’s tokens—split across airdrops, marketing, and BNB holder programs—along with a $250,000 deposit and $2 million in BNB tokens as collateral.
While some industry figures supported his claims, others dismissed them as unprofessional. Binance reiterated that security deposits are refundable within one to two years and that token allocations support user-facing programs such as airdrops and marketing—not direct profit for the exchange.
Paxos Accidentally Mints $300 Trillion in PYUSD Due to Technical Glitch
Stablecoin issuer Paxos mistakenly minted $300 trillion worth of its U.S. dollar-pegged stablecoin, PYUSD, on Ethereum Wednesday due to a technical error, the company confirmed.
The incident occurred at 3:12 p.m. ET and was resolved within 30 minutes after Paxos burned the excess tokens, assuring that no security breach occurred and customer funds remained safe.
According to Etherscan, the erroneous mint originated from a Paxos hot wallet and was directed to PayPal’s PYUSD smart contract.
The temporary oversupply raised concerns across DeFi observers, but no major protocol, like Aave, confirmed freezing PYUSD trading.
This article is published on BitPinas: Crypto News You May Have Missed This Week | October 12 – 18, 2025
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