Blockchain security experts warn that there are “dozens” of scam tokens created using the hype around the ChatGPT chatbot.
Analysts at PeckShield reported that they discovered dozens of new tokens over the past few days that scammers created to capitalize on the hype around ChatGPT with a built-in neural network. Scam tokens are created using pump & dump, rug pull, and honeypot schemes.
Various tokens called BingChatGPT are given as examples. Two of these tokens lost 99% of their value, and the third token is still falling and has lost about 70% so far. These tokens are generated en masse by one address, marked as “Deployer 0xb583”.
Another BingChatGPT token is part of a fraudulent scheme that uses a smart contract with an extremely high “sell tax.” In fact, an attacker simply takes possession of an “investor’s” ETH sent to the smart contract.
PeckShield analysts didn’t explain why the name BingChatGPT is so popular, but it’s most likely due to the integration of ChatGPT into the Bing search engine and Microsoft’s Edge web browser. Thus, the name is an attempt to trick users into thinking that a particular token is related to the cooperation between OpenAI, the company that developed the chatbot, and Microsoft.
According to Chainalysis, in 2022 scammers created almost 10,000 tokens on BNB Chain and Ethereum networks to implement pump and dump schemes, and the amount of “investments” in these “assets” totaled $4.6 billion.
