American online payments giant PayPal has launched PYUSD — its own dollar-pegged stablecoin. With PayPal’s massive user base, cryptocurrency scammers have sprung into action immediately, using this opportunity to find victims. Within just the first few hours of its launch, cryptocurrency market analysts spotted a bunch of deceptive crypto tokens named after the PYUSD stablecoin and similar to its logo. Members of the cryptocurrency community are sounding the alarm, warning others to be aware of these fake tokens.
DEX Screener, a decentralized exchange scanner, claims to have found around 30 pairs of crypto tokens that reflect PYUSD on their tickers.
liar has It is said Rather than centralizing their token creation to any particular blockchain, they explored different options. At present, PYUSD counterfeit tokens have been minted on Ethereum, BNB smart chain and Coinbase’s latest second-layer chain Base.
Scammers most often use fake passwords to trick victims. In these cases, scammers have investors put their money into their scam tokens, and once they reach the projected total, they abandon the project and flea.
In other cases, these scam tokens can be used to perform “honeypot” type attacks, tricking investors into buying tokens in exchange for cryptocurrencies. Later, they were unable to sell fake tokens.
Warnings about these fake tokens have emerged on social media.
PayPal launched the stablecoin on August 7. When announcing the stablecoin, PayPal stated: “PayPal USD is designed to contribute to the payment opportunities offered by stablecoins and is 100% backed by USD deposits, short-term U.S. Treasury bills and similar cash equivalents. PayPal USD is convertible 1:1 to USD , issued by Paxos Trust Company.”
How to identify the original PYUSD stablecoin
In its official announcement, the online payments giant made it clear that PYUSD can only be exchanged between PayPal-verified and compatible wallets. Similar tokens listed under the same symbol on UniSwap or similar exchanges are likely fake tokens.
Svlook
