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Wave of fake PYUSD tokens emerges following PayPal stablecoin launch

Wave of fake PYUSD tokens emerges following PayPal stablecoin launch

In the aftermath of PayPal’s recent announcement about its stablecoin PYUSD, numerous fake tokens with the same ticker have emerged. These imposter tokens have been created on various blockchain networks, including BNB Smart Chain, Ethereum, and Coinbase’s Base. It is important to note that the genuine PayPal USD token was launched in November 2022 and can be verified through its contract address. The real PYUSD can only be sent between verified PayPal and compatible wallets, making it highly unlikely that any of the tokens listed on decentralized exchanges are legitimate. The largest imposter PYUSD token, minted on Ethereum, has seen a trading volume of $2.6 million since its inception. However, it has experienced a significant drop in value after an initial surge. Some of the fake tokens are likely “honeypots,” where investors are unable to sell their holdings after purchasing them. It is crucial for investors to be cautious and verify the authenticity of tokens before making any transactions.

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