ChatGPT Pump and Dump Tokens Emerges, Beware

PeckShield has discovered dozens of fake tokens posing as ChatGPT tokens
The company disclosed that a number of BingChatGPT tokens are part of scams
Most of the projects involved with this lost over 60% of their value

PeckShield, a blockchain security company, has issued a warning after discovering dozens of fraudulent tokens alleging to be associated with the artificial intelligence (AI)-powered chatbot ChatGPT.

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In a Twitter post, the company disclosed that a number of BingChatGPT tokens are part of scams – smart contracts that deceive users into paying Ethereum, which the attacker subsequently retrieves.

At least two of the tokens discovered by PeckShield have lost nearly 100% of their value, while a third has lost 65% in what is often known as a pump-and-dump operation or rug pull.

The developers of a pump-and-dump scheme often orchestrate a campaign of deceptive statements and hype to convince investors to purchase tokens, then sell their interest in the scheme as prices rise.

According to PeckShield, at least one of the criminal actors behind the tokens, Deployer 0xb583, is responsible for producing dozens of tokens via a pump-and-dump technique.

In spite of the fact that PeckShield did not clarify why the bad actors are using the moniker BingChatGPT, it is possible that they are attempting to profit from the 7 February announcement that OpenAI’s ChatGPT technology will be integrated into Bing and Microsoft’s web browser Edge.

The token’s name may be an attempt to deceive victims into believing they are affiliated with Microsoft and benefit from the craze around AI chatbots.

In related news, OKX recently announced that it is aggressively pursuing a cryptocurrency exchange license in the Hong Kong area. At this time, every single cryptocurrency exchange platform has expressed interest in obtaining a business license from the local government.

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José Gustavo

José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.