Over 66 fake PayPal tokens have popped up on Ethereum, BNB Chain, Base, and others, in the wake of PayPal's stablecoin announcement. By shauryamalwa.
Scammers are trying to defraud unsuspecting users, capitalizing on PayPal’s recently launched dollar-pegged PayPal USD stablecoin, by issuing fake tokens on various networks.
New York-based payments giant PayPal said on Monday that it will soon make its PayPal USD stablecoin available to users, marking the first time a major financial company is issuing its own stablecoin. While the tokens are yet to come, some scammers are already trying to trap unsuspecting users. The modus operandi is to issue a token, name it “PYUSD,” add liquidity with ether or another token and offer it to users on a decentralized exchange.
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PayPal USD: Boon for Ethereum but not decentralization, says communityIndustry pundits see the launch of PayPal's new USD-pegged stablecoin, PYUSD, as a positive development for Ethereum. However, concerns are raised about centralization due to engineering choices made by PayPal, such as using an outdated version of Solidity and making the contract upgradeable and not gas efficient. Despite being centralized, Ethereum users have the freedom to decide whether to use PayPal's stablecoin or not.
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PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on EthereumJUST IN: Global payments giant PayPal is launching its own dollar-pegged stablecoin. By shauryamalwa
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PayPal launches stablecoin on Ethereum, citing 'shift toward digital currencies'Silicon Valley-based payments firm PayPal announced it is launching a U.S. dollar stablecoin in conjunction with Paxos.
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PayPal Enters the Stablecoin Market With PYUSD | CoinMarketCapCryptoNews: PayPal has launched its stablecoin, called PayPal USD (PYUSD), an ERC-20 token backed by the US dollar. This makes PayPal the first major financial company to launch a stablecoin. 🔥
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PayPal Launches Stablecoin on EthereumPayPal, in partnership with Paxos, has announced the launch of a U.S. dollar stablecoin. This move is seen as a response to the growing trend towards digital currencies. Eligible PayPal customers will be able to use the stablecoin for transfers and purchases, as well as convert other supported cryptocurrencies into or from PYUSD.
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