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cointelegraph.com / 3 years ago
cryptonews.com / 3 years ago
economictimes.indiatimes.com / 3 years ago
moneycontrol.com / 3 years ago
Blockchain Security Firm PeckShield Uncovers New Crypto Scam That Pretends To Be Affiliated With ChatGPT
Blockchain security firm PeckShield has found a number of scam tokens looking to profit from the ChatGPT AI chatbot craze.
PeckShield tweeted on Tuesday that,
"[It] detected dozens of newly created BingChatGPT tokens, of which 3 appear to be honeypots & 2 have high sell tax."
A honeypot is a popular type of scam whereby a malicious actor creates a fake crypto or crypto wallet to lure victims into investing, sending, or trading crypto. The scammer often poses as a legitimate business or organization, promising services or rewards.
Sales tax is the amount of money a smart contract takes once a token is sold. Many legitimate projects use sales tax as a means to incentivize long-term holding as well as rewards for token holders.
However, scam projects use high taxes, oftentimes set at 100%, to steal money from unsuspecting users.
PeckShield added that two of these coins had, by that point, already dropped nearly 100%. Another one fell by some 65%.
The security firm noted that these coins appear to be typical pump and dump schemes, whereby the price of a coin is artificially 'pumped', usually via misleading statements, before selling - aka 'dumping' - a large number of coins at a higher price.
In this case, the projects claimed to be affiliated with ChatGPT - a chatbot developed by the American AI research laboratory OpenAI.
Earlier this month, Microsoft announced that it was "launching an all-new, AI-powered Bing search engine and Edge browser," leveraging its partnership with OpenAI. The tech giant stated that "the new Bing is running on a new, next-generation OpenAI large language model that is more powerful than ChatGPT and customized specifically for search."
And while the craze around ChatGPT continues, so will the scams
Read on cryptonews.comThe same topic in other media
US Fed to create new crypto team amid concerns about unregulated stablecoins cointelegraph.com / 3 years ago
Transform Ventures launches holding company for blockchain with $100M AUM cointelegraph.com / 3 years ago
US SEC freezes assets of BKCoin for orchestrating crypto fraud scheme ambcrypto.com / 3 years ago
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