Aug 8, 2023

Over 66 fake PayPal USD (PYUSD) tokens have popped up on various networks, as scammers attempt to defraud unsuspecting users, capitalizing on PayPal’s (PYPL) recent launch of its own dollar-pegged stablecoin.

Video transcript

Fake paypal US D tokens pop up on several blockchains. Remember, you can build different types of tokens on many different blockchains including Bitcoin. But please be cautious because there's a lot of fakes out there. So apparently there was around 70 fake versions of Py Us D that have launched on various networks including Ethereum B and B chain and base, which I believe that is coin bases, um, native block chain. Um And apparently the largest fake token minted on Ether has seen around 2.6 million in trading volume since its launch just minutes after paypal announced the Py US D launch, it pumped over 30,000% in the first eight hours and it is now dumped more than 60% from its all time high math is very hard. And um I just wanna let you guys know to all the Degen's that are aping into this stuff that are, you know, trying to make it all back in one trade. I salute you. But for the rest of us, can we just stop getting hurt guys? Can we just stop aping into this stuff because we're just gonna get wrecked? Ok. Well, you are shaking your head. I'm gonna toss it to you, but I should have toss it to Jen because she looks nicer than you today. That was wearing a white shirt on a white background like Amir. Yeah. What is this? Oops. I mean, I wear black last time. I don't know. I'm gonna switch it up now. I didn't get rugged by this and I don't think, did you get rugged by this one day? Hopefully you didn't purchase anything like this is like a pretty typical, good. Ok. You scared me for a second there, right. If you don't do anything, you can't get rugged, you're just slowly getting rugged by fiat. So just, you know, keep playing that game 2% or whatever. You are fine. But if you can go buy a fake token on Unice fake paypal dollar doesn't really exist. Well, I think you have only yourself to blame. And this is something that happens every time we have a huge token launch, when a big name comes into a space, there's always some sort of token. Uh, the Ethereum community has a lot of fun with this sometimes where there's like pizza tokens or dog tokens launch. Those are always great. Right. And it's kind of an expectation that you can get rugged or maybe you'll make some money. But when it comes to these sort of things, I think it's slightly more nefarious than the fact that they're taking advantage of people who think that there's like a legitimate project here and they want to buy into it and they just buy their own ticker and then all of a sudden all your money is gone. So pay attention and when you're, when you're buying things like this happens in the traditional finance as well, right. Like there's a new stock coming out the exchange and tickers look very similar. There's penny socks out there and just make the wrong purchase. Obviously a little bit more is here because you're able to list your own token or anyone can create something that's permission list on Ethereum or one of these other blockchains. So a little bit different, but I think it's quite similar in the and, you know, just read the screen wrong made a poor decision. Zach scammers gonna scam opportunists gonna port. Uh But yeah, that's a feature in a bug of permission list systems, right? These are systems that don't require permission for you to build stuff. And that's a great thing. That's a great feature of the decentralized world in which crypto exists, right? But the flip side of that coin is that this happens, you get people who are uh you know, sticking a uh a name onto a token sort of misrepresenting what that actually is and seeking to uh gain profit from less than sophisticated traders. So this is something that you're always gonna see, right? You see this when I think will, you're right. To mention, right, when there's funny things that happen and all of a sudden there's these meme coins out there. The flip side of it is that you see these more uh bad intentioned projects also get launched, seeking to take money from unsuspecting investors. Um Overall, I would say the benefits of promotion lessness outweigh the negatives that weigh the downsides, right? This is an open system that anyone can, can participate in and is sort of a core tenet of why decentralized technologies are more inclusive and potentially more impactful than what we see in the current financial system. But of course, it comes with this as well and a lot of the due diligence falls on individual investors who need to be able to make that decision around what's what? So that becomes a challenge and we see it time and time again, Jen, what do you think? I think we all could have predicted this. It's been a day I think since the news announced we have more than 66 fake tokens out there. It happened when Twitter became X. It happens all the time when we have big news, people spin up these tokens, it takes like less than 10 minutes to spin these up and they get a they're scamming and ragging people. I think it's important to note that uh paypal's US. D their stable coin is only available to people in the US right now and to get it, you have to have a paypal account. Um, you need to go in there and create an account and then you can either convert your balance or buy, um, a Py US D I don't know why that's so difficult for me to say this today. Pyud, um, by converting what's already in there or adding more money to your wallet. So that's how you get it. Ok. So don't get out there and get, and get scammed. That's it. That's my public service announcement to everyone who's watching. Don't get wrecked out there. Well, I also think too, this is, I mean, I'm gonna get some blowback for this, but I also think too this is a good kind of litmus test to see. Um, people use their critical thinking skills. Um, because the only people that are buying these py Us D tokens are gonna be crypto people. It's not gonna be like the norm. They're not gonna know, they're, they're gonna know to actually get this from paypal. Like I don't think that they would be well versed enough to go to uni or to go to whatever decentralized exchange we have and to get it. So I feel like this is all mostly Degen and then I just hope no, nor are getting wrecked. I hope nobody is getting wrecked. But come on guys, what should they have named the ticker? What's your, what's your fabled ticker number or name right now? But this is like to me when I read it to me it's like pie US. D, I don't necessarily like it like it sounds, go on. Yeah, I think we just call it pie US. D like pie. It's like a pie. I love a good pie. What's your favorite? What's your favorite pie? I'm putting you on the spot. I'm gluten free. So I don't eat pie. Sorry. Dang it. How would you find that? Yeah. Get on over to L A. Get on over to any coastal. You'll find a gluten free pie US D US D you can buy in the room for a second. It should have been PP US D. That would have been kind of funny. But I didn't, you said PP called it Pay Pay UD. That would have been better because like who, who come on? That's right us. D we like pies.

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