Cryptocurrency investors are being warned to be wary of fake ChatGPT tokens that are circulating in the market. The tokens, which are being issued on the Binance Smart Chain (BSC), have been found to be fraudulent and not associated with the real ChatGPT project.
Taking Advantage of ChatGPT Craze
The people behind these fake tokens are clearly people looking to cash in on the ChatGPT technology craze that has gripped online and workspaces over the past few months since it came out in November.
According to reports, hundreds of fake ChatGPT tokens have been issued, and they are being used to lure unsuspecting investors into investing in them. The fraudulent tokens are being marketed as real ChatGPT tokens, with the promise of high returns on investment.
The ChatGPT project is a decentralized question-answering platform that utilizes artificial intelligence to provide answers to users’ questions. The platform has gained a lot of attention in the crypto space due to its innovative approach to information sharing.
However, the rising popularity of the ChatGPT project has also attracted scammers who are using the project’s name to issue fake tokens. These tokens are then marketed to unsuspecting investors who are not aware of the fraudulent nature of the tokens.
Investors are being advised to exercise caution and carry out thorough research before investing in any cryptocurrency project. In the case of ChatGPT, investors are being advised to verify the authenticity of any tokens they intend to purchase and ensure they are buying from legitimate sources.
132 Fake Projects on Binance Chain
Over the last few weeks, numerous fake tokens have been released in the market. Among these fraudulent tokens, 132 have been issued on Binance Smart Chain, 25 on Ethereum, and 10 on other blockchains, including Solana, Arbitrum, OKChain, and Cronos.
The emergence of these fake tokens coincides with Microsoft’s integration of OpenAI’s chatbots for search services on its internet browsers. It is unclear whether there is a direct correlation between these events, but the surge in fraudulent tokens highlights the need for caution and due diligence when investing in the cryptocurrency market.
Despite warning signs, a number of “BingChatGPT” tokens have been issued, with liquidity injected into them and trading volumes reaching thousands of dollars. According to a tweet by blockchain security firm Peckshield, numerous recently created “BingChatGPT” tokens have been identified, with dozens detected in total. Among these tokens, three appear to be honeypots, while two have a high sell tax.
Investors who have already purchased the fake ChatGPT tokens are advised to report the issue to the relevant authorities and take the necessary steps to safeguard their investments. The ChatGPT team has also released a statement warning investors about the fraudulent tokens and advising them to be cautious when investing in any cryptocurrency project.
Conclusion
The rise of fraudulent tokens is a reminder of the importance of due diligence when investing in any cryptocurrency project. Investors should always verify the authenticity of any token they intend to purchase and ensure they are buying from legitimate sources. With the increasing popularity of cryptocurrencies, it is important to remain vigilant and stay informed about any potential risks.
This article first appeared on Coindesk.com
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