Compass Investments

PayPal has initiated a drawing for US citizens totaling $1.386 million in bitcoin, offering weekly rewards and totaling 1,008 winners.

Participants can get a chance by purchasing cryptocurrency or applying by mail. The rewards range from $500 to $100,000 in BTC.

This promotion demonstrates the expansion of the company’s crypto services after recent moves to introduce support for digital assets and the PYUSD stablecoin.

PayPal has announced a promotion for its US customers ahead of the holiday season: users can buy crypto via stablecoin and compete for the chance to win up to $100,000 in bitcoins.

According to the official PayPal giveaway page unveiled last week, the campaign will run from Nov. 17 and will end on Dec. 21 at 12:00 a.m. Pacific Time. It features weekly prizes, with a total of 1,008 winners among U.S. residents over the age of 18.

We’re not guaranteeing that you’ll be the one to win $100k in BTC this week…. but someone will. We’re giving away over a million dollars in bitcoins, no purchase necessary, PayPal said in a post on their official account.

Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Litecoin (LTC), Chainlink (LINK) and Bitcoin Cash (BCH) are eligible for the raffle. Each eligible transaction grants one entry into the weekly draw, up to a maximum of 10 entries.

active and existing account holders can participate without making a purchase. To enter by mail, you must hand write your information, including name, address, phone number, email, age and the phrase PayPal Crypto Sweepstakes on a 3 x 5 card.

Such handwritten solicitations must be mailed to the designated PayPal Crypto Sweepstakes drawing address in Georgia and must be received by 11:59:59 p.m. Pacific Time on December 23. Copies will not be accepted.

The sweepstakes has five stages, each with 168 winners, resulting in 1,008 winners and a total prize pool of $1.386 million. The awards are randomly distributed in three tiers, with six winners at the top tier receiving $100,000 in bitcoins.

The second tier is for 30 people who will each receive $10000 in BTC, and the third tier is for 972 winners who will each receive $500 in bitcoins.

PayPal also clarified that potential winners will be contacted via email within 10 business days of selection. First-tier prize winners will need to verify their identity and eligibility; while second- and third-tier winners will receive unique codes for online verification. Those who do not respond within five business days may be eliminated and their prize will be transferred to another participant.

The announcement came as a surprise to much of the crypto community, with some users questioning whether PayPal’s X account was hacked to promote a cryptocurrency scam.

“PayPal’s X account has been hacked? Why does it feel like I’m about to lose all my money in some lottery?” wrote the administrator of Windscribe’s VPN service on the X platform.