Crypto News

Fake ChatGPT tokens; Investors beware!

Recently, there has been a lot of news about investment fraud in the field of artificial intelligence. Some news outlets have published information about the appearance of hundreds of new digital currencies called GPT chat tokens in various blockchain networks. It is obvious that fraudsters are trying to take advantage of people’s attention to artificial intelligence (AI) technology and new technologies and encourage them to invest so that they may get big and quick profits in this way.

According to Valx and quoted by bitcoinist, over the past few weeks, hundreds of fake tokens with the name Chat GPT have been published, among them 132 tokens in the Binance chain, 25 tokens in the Ethereum network, and dozens of tokens in other blockchains, including Solana, Kronos. , OkChain and Arbitrum have been issued.

Fraudsters use the popularity of JPT chat to fill their own pockets. Blockchain security firm PackShield has recently identified thousands of new tokens called BingChatGPT that are using the ChatGPT name for fraud. It seems that among the discovered items, some of them are honeypots and others have high sales tax.

Honeypots are smart contracts that pretend to share information about their funds if a user pays extra money to the honeypot. in return, Sales tax A term used to refer to the amount of money illegally withdrawn from the sale of a token through a fraudulent smart contract.

The market for honeypots and other cryptocurrency scams is expanding. According to research by Chainalysis, investors will lose approximately $3.8 billion in 2022 and $3.3 billion in 2021 due to hackers. These fake transactions may be the result of Microsoft’s decision to implement OpenAI chatbots to provide search services in its web browsers.

GPT Chat is developed by OpenAI but Microsoft’s chatbot, which is a personalized program, seems to perform better than the generic GPT chatbot.

Microsoft and OpenAI have not commented in this regard

Microsoft and OpenAI have not launched any official crypto-related scheme, which means that all the tokens related to GPT chat are fake, but fraudsters do not miss such a profitable opportunity. Despite the obviousness of this issue, many BingChatGPT tokens have been created and their trading volume reaches thousands of dollars. The two tokens apparently associated with Bing have an unusually high sales tax, meaning that when a token is sold, the issuer receives a significant portion of the proceeds.

PackShield, meanwhile, has apparently identified the account Deployer 0x583, which has previously issued tokens referencing Tesla CEO Elon Musk and former British Prime Minister Liz Truss, as the creator of the BingChatGPT token. Referring to the wallet address of the fake token issuer, this company said:

Currently, the value of two of these tokens has decreased by more than 99%. Deployer 0x583 has already released dozens of tokens using the pump and dump strategy.

Although artificial intelligence-based cryptocurrencies have suddenly received a lot of attention, the most important thing is that Microsoft and OpenAI have no plans to launch digital tokens under their names. Any token that looks similar to Bing or ChatGPT is probably a scam token.

Written by fake ChatGPT tokens; Investors beware! The first time in the blog Valx. appeared.


hello my name is amir; i love bitcoin and dogecoin 🎯

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