Scammers have found a way to make money on the stablecoin PayPal
Date: 2023-08-09 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
The market is flooded with fake coins that scammers pass off as a stablecoin of the popular PayPal payment system. We tell you how to distinguish a real token from a fraudulent one
On August 7, one of the largest payment systems PayPal announced the launch of its own stablecoin based on Ethereum - PayPal USD (PYUSD). Just hours after the news broke, various networks including BNB Chain, Ethereum, and Base have tokens that scammers are trying to pass off as the company’s “stablecoins.” According to some estimates, over 60 fake stablecoins have appeared on the market.
The real PayPal USD was created in November 2022. Here is the address of his smart contract. Representatives of the company noted that only registered users of the payment system can conduct operations with stablecoins. At the same time, transfers are possible within the system, as well as to wallets compatible with PayPal. Therefore, numerous tokens with the ticker PYUSD, which were launched on various crypto exchanges, are not related to the payment system and its “stable coin”.
Despite warnings from PayPal, the scammers managed to draw attention to their cryptocurrencies. For example, the trading volume of one of the fake Ethereum tokens under the ticker PYUSD on the Uniswap crypto exchange has already reached $2.9 million.
PYUSD fraudulent token chartPYUSD fraudulent token trading chart.
At the same time, netizens note that many of the fraudulent tokens cannot be sold.
The market periodically faces a flood of fraudulent tokens because the very process of creating a cryptocurrency today is extremely simple. You can launch a coin without even having special knowledge and skills. At the same time, the process, as stories from the network show, can take only a few seconds.
