Beware of AI Investment Scams: ChatGPT Tokens Used to Trick Investors
Recently, there have been reports of scams related to investment in artificial intelligence (AI) through the use of ChatGPT "tokens."
Scammers are taking advantage of people’s interest in new technology to trick them into investing money to make a quick profit.
Reports show that hundreds of counterfeit tokens bearing ChatGPT’s name have surfaced on various blockchain networks, including 132 tokens on BNB Chain, 25 on Ethereum, and ten on other blockchains such as Arbitrum, Solana, OKChain, and Cronos.
#PeckShieldAlert PeckShield has detected dozens of newly created #BingChatGPT tokens, of which 3 appear to be #honeypots & 2 have high sell tax. 2 of them have already dropped over -99%.
Deployer 0xb583 has already created dozens of tokens with a pump & dump scheme #AI #ChatGPT pic.twitter.com/merQikuslk
— PeckShieldAlert (@PeckShieldAlert) February 20, 2023
Scammers are exploiting the popularity of ChatGPT to make quick cash, and thousands of new tokens called “BingChatGPT” use the ChatGPT name to commit fraud. Some of these tokens are honeypots or malicious smart contracts that take money illegally from the sale of a token.
The market for honeypots and other crypto frauds is expanding, with crypto investors losing approximately $3.8 billion to hackers in 2022, up from $3.3 billion in 2021, according to a report by Chainalysis.
While Microsoft and OpenAI have not launched any official cryptocurrency initiatives, con artists are taking advantage of the hype around AI-powered digital currencies to create fake tokens. Any token similar to ChatGPT or Bing will likely be a fraud.