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Crime and Investigations

Beware of AI Investment Scams: ChatGPT Tokens Used to Trick Investors

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.

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.

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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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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