Tag: paypal

PayPal’s Stablecoin Launch Opens Floodgates for Scam Tokens; Here’s How to Identify Real PYUSD

PayPal, the US-based online payments giant, has launched PYUSD — its own stablecoin pegged to the US dollar. Banking on PayPal’s massive userbase, crypto scammers have jumped into action to use the opportunity to hunt for victims. Within the first few hours of its launch alone, a bunch of crypto tokens deceptively named around the PYUSD stablecoin, resembling its logo have been spotted by crypto market analysts. Members of the crypto community are sounding alerts to warn others about these fake tokens.

DEX Screener, a decentralised exchange scanner, claims to have spotted around 30 pairs of crypto tokens reflecting PYUSD on their tickers.

Scammers have reportedly not concentrated their token creations to any particular blockchain, exploring different options instead. At this point, PYUSD copycat tokens have already been minted on Ethereum, BNB Smart Chain, as well as Coinbase’s newest layer 2 chain — Base.

Fake cryptocurrencies are most commonly used by scammers to perform rug pulls on their victims. In these instances, scammers get investors to pour funds in their scam tokens and once they touch their estimated total, they abandon the project and flea.

In other instances, these scam tokens can be used to execute the ‘honeypot’ type of attacks, where investors are lured in to purchase the tokens in exchange for their cryptocurrencies. Later, they are not able to sell the fake tokens.

Warnings around these fake tokens have been appearing on social media.

PayPal launched its stablecoin on August 7. Announcing the stablecoin, PayPal had said, “PayPal USD is designed to contribute to the opportunity stablecoins offer for payments and is 100 percent backed by US dollar deposits, short-term US Treasuries and similar cash equivalents. PayPal USD is redeemable 1:1 for US dollars and is issued by Paxos Trust Company.”

How to Identify the Original PYUSD Stablecoin

In its official announcement, the online payments giant has clearly stated that the PYUSD can be exchanged only between wallets verified and compatible with PayPal. Resembling tokens listed with the same ticker on UniSwap or similar exchanges are highly likely to be fake tokens.

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Seven Mega Banks to Team Up on Digital Wallet, Compete With Apple Pay, PayPal: Report

Bank of America, JP Morgan, and Wells Fargo could be among seven mega global banks that could soon team up to launch a digital wallet now that digital assets have begun to see adoption in different parts of the world. The aim behind this potential initiative is to compete with other payments platforms like Apple Pay and PayPal. Wells Fargo, Truist, Capital One, PNC Bank, and the US Bank are amongst other lenders that are reportedly lined up to join this project.

All of the named banks, collectively own a digital payments network called Zelle. As per a report by Bitcoin.com, the digital wallet will operate separately from Zelle.

Zelle in itself, is managed by the fintech firm Early Warning System (EWS) that offers risk management solutions to financial firms. EWS will also be tasked with the responsibility to manage the digital wallet, once it launches.

The banks involved in this project are looking to prevent losing customers, who are accustomed to using instant online payment services and digital wallets.

Last year, a report quoting figures from Juniper Research had estimated that the number of people using digital wallet services around the world would surpass the mark of 5.2 million by 2026.

Competitors in the sector like Apple Pay, crypto-friendly PayPal, and Google Pay have already established themselves in recent years.

As for now, it remains unclear if this unnamed digital wallet will support cryptocurrencies and other virtual digital assets.

Clarity on the subject is expected in the months to come. The wallet could be rolled out between July and December 2023, the Bitcoin.com report noted.

Mastercard and Visa, both of which have been taking several pro-crypto steps in recent times, will also reportedly be part of the project.

The already involved participants have also reportedly been trying to onboard other fintech firms to collaborate and add their respective cards to this wallet.

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Yahoo, Paypal Blocked in Indonesia Over Failure to Comply With License Rules

Indonesia has blocked search engine website Yahoo, payments firm Paypal, and several gaming websites due to failure to comply with licensing rules, an official said on Saturday, sparking a backlash on social media.

Registration is required under rules released in late November 2020 and will give authorities broad powers to compel platforms to disclose data of certain users, and take down content deemed unlawful or that “disturbs public order” within four hours if urgent and 24 hours if not.

Several tech companies had rushed to register in days leading to the deadline, which had been extended until Friday, including Alphabet, Meta’s Facebook, Instagram, and WhatsApp, and Amazon.

Semuel Abrijani Pangerapan, a senior official at Indonesia’s Communications Ministry, said in a text message websites that have been blocked include Yahoo, Paypal, and gaming sites like Steam, Dota 2, Counter-Strike, and Epic Games, among others.

Paypal, Yahoo’s parent private equity firm Apollo Global Management, and US game developer Valve, which runs Steam, Dota, and Counter-Strike, did not immediately respond to requests for comment. Epic Games could not be reached for comment.

Hashtags like “BlokirKominfo” (block Communication Ministry), Epic Games, and Paypal trended on Indonesian Twitter, with many writing messages criticising the government’s move as hurting Indonesia’s online gaming industry and freelance workers who use Paypal.

Pangerapan did not respond to a request for comment.

With an estimated 191 million internet users and a young, social-media savvy population, the Southeast Asian nation is a significant market for a host of tech platforms.

© Thomson Reuters 2022

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