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Fake claim website for PayPal’s stablecoin PYUSD emerges



A fraudulent website has emerged, falsely claiming to be associated with PayPal's stablecoin, PYUSD, misleading users with deceptive information.


A claim website for PayPal’s stablecoin PYUSD has emerged and is currently being promoted on X (Twitter). The website claims a total of 500,000 $PYUSD tokens are available to be claimed, and request interested persons to connect their web3 wallets to check. The website further stated that the airdrop will be over after 1 day.

PayPal recently announced their move into the stablecoin sector with the launch of its $PYUSD token. The token is issued by Paxos Trust Co., a blockchain financial institution, and it is backed by a diversified reserve that includes U.S. dollar deposits, short-term Treasuries, and other cash equivalents. In an effort to enhance accessibility, PYUSD will gradually be made available to customers in the US, according to PayPal. 

PYUSD offers a seamless way to convert between dollars and various cryptocurrencies within PayPal’s network. It can also be utilized to settle purchase fees. Furthermore, it has the capability to be transferred to compatible third-party wallets beyond the confines of the PayPal network. 

In mid-August, the financial giant made a notable introduction: the Cryptocurrencies Hub. This platform serves as a gateway for users interested in diving into the cryptocurrency landscape.

It allows select PayPal users to directly interact with cryptocurrencies such as Bitcoin and Ethereum within their PayPal accounts. With the Hub, users can conveniently buy and sell cryptocurrencies, making it an ideal platform for trading.

An intriguing feature of the Cryptocurrencies Hub is its ability to facilitate conversions between PYUSD and various other crypto assets. This feature is particularly appealing to users who are keen on diversifying their holdings and exploring different cryptocurrencies.

Fake $PYUSD claim website

Promoted on the account of an X user named Amulya Lohani, The fake website provides numerous wallet options, including Metamask, Coinbase, Trust, Binance Wallet, and more.

Unfortunately, this is not an isolated incident within the blockchain industry. Many well-known organizations and individuals have been impersonated in attempts to deceive unsuspecting victims and steal from them.

Read also: PayPal’s PYUSD vs. CBDCs: A Comparative Analysis of Stablecoins in the Evolving Financial Ecosystem

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