PayCoin

PayCoin (XPY) appears to be a defunct cryptocurrency project that was launched in 2014 by GAW Miners. The project gained notoriety as one of the earliest cryptocurrency schemes that resulted in legal action by the SEC.

The stated purpose of PayCoin was to serve as a payment system and store of value, with promises of a $20 price floor maintained by the company. The project claimed to offer innovative features including a 'hash rate derivative' system and guaranteed returns.

The project ceased operations after its founder, Josh Garza, was charged by the SEC for operating a Ponzi scheme through GAW Miners and PayCoin. In 2017, Garza pleaded guilty to wire fraud and was sentenced to 21 months in prison.

There is no current development activity, legitimate utility, or active usage of PayCoin. The project has been completely abandoned and the token is effectively worthless with no trading volume on any recognized exchanges.