Beware of counterfeits. Unfortunately, we’ve become accustomed to this: at every more or less important event in crypto or finance, clever little guys – or big crooks – create cryptocurrencies totally useless and unfounded, then launch them on the market. At best, it’s to make people smile with a bit of self-mockery, at worst it’s outright scams. Last April, for example, the same address created 114 memecoins in just a few weeks! To get money out of gullible investors or few attentive3.0 are not lacking in imagination, and thestablecoin announcement issued by payment giant PayPal couldn’t go unnoticed.
In the space of just a few hours, more than 66 fake chips were offered for sale on various decentralized exchanges. What do they all have in common? PYUSD in the name and a probability close to 100% of losing your funds by buying them. When crypto shows its worst side, we’re here to tell you about it too.
A real new crypto named PYUSD is issued by PayPal…
These stories of fake tokens and phantom crypto scams have been around for so long that we still wonder how people can fall for them. However, scammers are vying with each other in their creativity to give people the impression that they’ve been fooled.illusion of a real project and we have to face the facts, investors continue to fall for it. They’re often newcomers to the sector, or just gullible, young people looking for a quick buck, or punters looking for the next nugget to make x1000. But in the end, it’s always the bad guys who win.
Yesterday, as the announcement of the launch of a stablecoin named PYUSD by PayPal continued to spread on social networks and in the media worldwide, the money-stealing machine was back on track. Only a few minutes after the first articles, the first scams were already on sale, and some unfortunates were already getting caught. The data specialists on-chain as DEXtools counted the following 66 false chips from early morning in Paris. Funny corners called PYUSD have seen the light of day on various networks such as the BNB Chain or on Coinbase’s new layer 2. Ethereum which drew the bulk of the troops. It’s on this blockchain that the real token will circulate, and the number of decentralized exchanges is by far the largest.
>> Worried about Ponzi schemes? Ledger has the solution (commercial link) <<
…but over 66 fake PYUSDs are already on the market!
The press reports the most important case in volume, which managed to reach the capitalization of 2.6 million just moments after PayPal’s official announcement. The share price climbed 30 000% in the first eight hours before dropping 66%. Another example might make you smile if it didn’t involve financial losses for poor people: the aptly named PepeYieldUnibotSatoshiDoge who took 3 000% in four hours. That’s a long way from a PayPal stablecoin!
But let’s face it, there’s nothing to be gained by buying these cryptos crudely marketed. Your choice of a so-called honeypot scam – honey pot – and you won’t be able to resell them when the time comes. Or a exit scam and just a few hours or minutes after buying it, its value will have fallen back to zero. In any case, the buyer will be the fall guy, and betting on the fact that there will be someone after you to buy it back at a higher price is not only a risky gamble, it’s also an unwise one. dishonest.
Moral: be careful not to buy just anything, and when it’s too good to be true, maybe it’s because it really is too good to be true ! Finally, even if it’s sometimes difficult to find your way through the jungle of the market, always take a few minutes to quickly analyze a project: the name, the address, the volumes, the opinions – it’s better to lose a little time than to lose a lot. time that manysilver. It’s time to share once again this excellent synthesis by our colleague who is an antidote to the poisons represented by these false cryptos.
When it comes to crypto, don’t cut corners! So, to keep your crypto assets safe, the best solution is still a personal hardware wallet. At Ledgerthere’s something for every profile and every crypto. Don’t wait to keep your capital safe (commercial link)!