🔫 'Dead' $RAIL +300% Got Gene-Edited

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China just said they wanna work with the US on trade. That’s a rare chill moment in the middle of all this global tension 😳

But crypto? Man, no one’s sleeping. Market barely moved, but people are already panicking. $BTC.X ( ▼ 0.33% ) slipped back to ~$105K, $XRP.X ( ▲ 1.73% ) , $SOL.X ( ▲ 0.45% ) , $BNB.X ( ▼ 2.34% ) , $ETH.X ( ▲ 1.1% ) - all down 3–9%. Feels like we’re all just sitting here, watching charts, scared to blink 😶

Here’s what we got for you today:

• 👀 12 market makers & price manipulation tactics

• ⭐ Legally private $RAIL is heating up

• ⭐ Paxos accidentally mints $300T $PYUSD

• 🔥 Burning hot takes for the road

Today, we got 1 super popular question: “Why my favorite token pumps and dumps out of nowhere?” Actually, it’s not “market forces.” Every token on the market has its own "them" or market makers.

You can track their every move if you know where to look. There’re 2 parts, don’t forget to also see the Part 2:

🔐 RAILGUN: “LEGALLY PRIVATE” PROTOCOL HEATING UP

This past week, the Ethereum community has been buzzing about RAILGUN ($RAIL.X ( ▲ 8.29% ) ), an old privacy protocol suddenly brought back to life.

Why? Because the Ethereum Foundation officially confirmed it’s integrating RAILGUN’s tech into Kohaku, a new open-source privacy SDK for wallets.

After the news dropped, $RAIL skyrocketed 300%, one of October's top DeFi gainers.

1/ What is Railgun?

RAILGUN is a privacy protocol using ZK-SNARKs to enable anonymous transactions on Ethereum.

When users deposit ETH or tokens, Railgun shields sender, recipient, and amount, only the user can see the actual flow.

Railgun isn’t “hide everything.” It’s building “responsible privacy”, private by default, but compliant when needed.

2/ Why all the hype now?

On Oct 9, the Ethereum Foundation launched Kohaku, an SDK that lets any wallet (like MetaMask, OKX, Ambire...) add a “private send” button in one click.

In this SDK, Railgun is the primary supported protocol. Tornado Cash is excluded.

Even Vitalik weighed in, calling this a key step toward “full-stack privacy” on Ethereum (from wallets to dApps).

Soon after, the Railgun team dropped a private multi-signature wallet, exactly the kind of missing piece Vitalik said institutions needed to adopt privacy tools safely. How it works:

• Railgun charges 0.25% fee on all shielding/unshielding transactions

• Messari estimates if just 1% of Ethereum’s ETH + stablecoins (~$6.6B) use Railgun, it could generate $80M/year in protocol fees

• Current real revenue is ~$5M/year but that could grow fast if Kohaku gets adopted at scale

Also:

• $RAIL.X ( ▲ 8.29% ) has a 100M token supply, with ~77% staked

• Stakers earn 8–15% APY from protocol fees

But, we don’t know if centralized wallets will commit to something that’s still under regulatory gray zones.

We don’t know if stakers will actually see sustainable rewards. And most of all, we don’t know if regulators will endorse or shut it down, who knows?

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🤯 PAXOS MINTED $300 TRILLION BY MISTAKE

Paxos, the company behind PayPal’s $PYUSD.X ( ▼ 0.01% ) , accidentally minted 300 TRILLION PYUSD on Ethereum.

$300,000,000,000,000 worth of stablecoins, printed out of nowhere, because someone added 6 extra zeroes in a smart contract transaction.

It was meant to be a 300 million PYUSD mint. The entire thing was resolved in about 30 minutes, Paxos burned the mistaken tokens & confirmed customer funds are safe.

The worst part may be this whole fiasco only cost $2.66 in gas fees.

→ If PYUSD is pegged 1:1 to the dollar, this “accident” briefly created more “money” than the entire global GDP (~$117T) and over 8× the U.S. national debt.

Aave froze PYUSD markets instantly to protect its users. The token briefly depegged from $1 but recovered quickly after Paxos burned the excess supply.

On X and crypto forums, jokes flew fast:

• Paxos just paid off the U.S. debt.

• Someone’s pinky must’ve slipped…

• 300 trillion… on mainnet… for $2.66?!

But above these all, we wonder if one team member or internal system can accidentally print hundreds of trillions, how decentralized or safe, is this really?

Poor the team, this error came at the worst possible time for Paxos as well. They’re currently applying for a National Trust Charter in the U.S. to operate under direct OCC oversight (one of the strictest regulatory bodies in finance).

Experts are already asking:

• Why wasn’t there a failsafe to catch this kind of mistake?

• If this got through, what else might be missed?

• Should regulators step in more aggressively with stablecoins?

Even though PYUSD is built on a public blockchain, minting and burning power remains entirely centralized, Paxos controls it all.

FYI, we’ve seen a fair share of minting mistakes like this before:

• Binance once accidentally minted $14.47B and $500M BETH in 2 separate incidents

• Bitcoin’s 2010 overflow bug generated 14B BTC and forced a hard fork

• Tether in 2019 accidentally minted $5B USDT instead of $50M

But Paxos is a legend 🤡 They mint more “dollars” than exist on Earth. In a strange twist, Paxos’s gold token $PAXG.X ( ▲ 0.02% ) also made headlines today:

• On Binance, PAXG spiked to $4,790, before dropping to $4,370

• That’s still higher than the spot price of gold ($4,345)

• Likely triggered by a whale purchase

• Global gold cap just hit $30 trillion amid economic uncertainty

I call it strange cause while Paxos was accidentally minting trillions in stablecoins, their gold token mooned. Using all these info, can you explain why? Just leave a comment & I’ll show yours in the next newsletter!

THE REAL ONES START HERE 🧠

Next up in the “Crypto Foundations” series, we’re dropping 2 absolute bangers. If you’ve ever felt lost in crypto or only knew BTC/SOL and vibes... this one’s for you:

• 🔷 Ethereum 101: The Blockchain Powering the Future of the Internet

• ⚡ Bitcoin 101: How the First Digital Currency Changed Money Forever

Each post includes a free cheatsheet to lock it in. You can find them right here in the newsletter and under the Crypto Foundations tag on our main site.

Let’s make sure you don’t just hold crypto… you understand it!

🔥 BURNING HOT TAKES FOR THE ROAD

Binance “FUD” drama update: CZ has now addressed the controversy head-on. In short, nobody is forced to list. Read CZ’s post & Binance’s

James Wynn just reactivated his Hyperliquid account after months of silence, with $4.8M in long positions. Read more

MegaETH, an Ethereum Layer-2 backed by Vitalik Buterin, launched public ICO registration on Sonar. Read more

Coinbase just added $BNB.X ( ▼ 2.34% ) to their listing roadmap. It supported a top token from its main rival?! Read more

Eric Trump recently said that the Trump family has earned more than $1 billion in profit from crypto. Read more

🤡 SPICY MEME

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⚠ This newsletter is for informational purposes only and should not be considered investment advice. Traders should conduct thorough research, understand the risks, and carefully evaluate their decisions before investing in cryptocurrency.