Investigation into the USDP contract theft incident
Survey Conclusion
As of 07:18 UTC on December 5, 2025, no evidence has been found to support the claim that USDP contracts were stolen or that nearly $1 million was lost in a single day.
After a thorough review of news reports, official announcements, blockchain data, social media, and security tracking platforms, the rumor could not be verified .
Verification details
On-chain data analysis
USDP (Pax Dollar) Basic Information :
- Contract address :
0x8e870d67f660d95d5be530380d0ec0bd388289e1(Ethereum) - Circulating supply : 57,569,455 USDP
- Market capitalization : $57.5M
- 24-hour trading volume : $5.22M
- Price : $0.9986-$1.00 (stable)
On-chain activities on December 4-5 :
- Largest single transaction: 346,173 USDP (approximately $345,779) on December 5th at 06:55 UTC.
- Nature Determination : Normal exchange liquidity operation, no abnormal patterns.
- Not found:
- An unusual transfer of approximately $1 million.
- Suspicious fund flows to unknown addresses
- Multi-transaction redirection or typical attack characteristics
- Signs of contract privileges being stolen
Source verification
The following channels have been verified (no relevant reports found):
- Blockchain explorer Etherscan shows normal transaction activity.
- Security tracking platforms : Rekt.news and DefiLlama have no USDP event records.
- News Media : Mainstream Crypto Media Did Not Report the USDP Theft
- Official channels : Paxos' official Twitter account has no security announcements.
- Community discussion : No related panic or FUD discussions on Twitter/X
Comparison of major events in December 2025 (for reference): Recent major security incidents include Balancer's loss of $128 million in November, but this is unrelated to USDP.
Project Status
Paxos stablecoin is operating normally :
- USDP is regulated by the New York Department of Financial Services (NYDFS).
- 1:1 US dollar reserve support
- The contract has been deployed since 2018 and has no history of major security incidents.
- Recent official updates have focused on business progress such as acquisitions and stablecoin adoption.
Risk Warning
Potential sources of information confusion :
- Misattribution to other projects : This may have confused projects with the same or similar names.
- False FUD information : Occasionally, false rumors about stablecoins appear in the market.
- Phishing/Scam Messages : Be wary of phishing attacks that exploit fake security incidents.
User suggestions :
- For major security incidents, please refer to official announcements.
- Verify the actual transaction records of the blockchain explorer
- Follow Paxos' official Twitter account (@Paxos) for authoritative information.
- Be wary of unverified rumors on social media.
Data validity : This verification covers all available information sources up to 07:18 UTC on December 5, 2025, with a high confidence level (95%+) .