More than 30 fake cryptocurrencies have been produced since PayPal announced the announcement of its new stablecoin, PayPal USD (PYUSD).
Preparing to launch PayPal USD (PYUSD) with the support of Paxos Trust, PayPal has become the new target of scammers. According to data from the decentralized exchange platform DexScreener, more than 30 PYUSD tokens emerged within 16 hours of the PayPal announcement. PYUSD themed tokens are created on various chains, including Binance Smart Chain, Ethereum and layer-2.
New target of crypto thieves: PYUSDs
Crypto fraudsters, who acted directly with PayPal’s stablecoin move, produced dozens of tokens called PYUSD. In fact, a memecoin called PYUSD has seen a record $2.6 million in trading volume since its creation. Increases of up to 30,000 percent were observed in the first eight hours. However, these tokens lost a lot of value as the news effect lost its freshness.
Although the tokens called PYUSD, which attacked with the announcement of the news, gained value in a short time, most of them fell by more than 50 percent. According to data released by DexScreener, while the tokens have had positive pricing since the launch price, many have exhibited close to 60 percent declines from their peak price.
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