- Peckshield has issued a warning about ChatGPT pumping and dumping tokens.
- Two coins have already lost 100% of their value, while the third has lost 65%.
Blockchain security firm PeckShield has issued an alert on Twitter about the newly created BingChatGPT token. These are supposedly ‘pump and dump’ tokens belonging to the AI-powered chatbot ChatGPT.
#peakshieldalert Peckshield has spotted dozens of newly built #BingChatGPT tokens, of which there appear to be 3 #honeypots and 2 have a higher sales tax. 2 of them have already dropped more than -99%.
employer 0xb583 has already generated dozens of tokens with a pump and dump scheme #AI #chatgpt pic.twitter.com/merQikuslk
— PeckShield Alert (@PeckShieldAlert) February 20, 2023
All about the BingChatGPT Honeypot plan
According to a blog post published on February 20, at least three BingChatGPT tokens appear to be part of cheating schemes, which are smart contracts that trick users into transferring funds. Ethereum (ETH)Which the attacker then catches and recovers.
Furthermore, Peckshield confirmed that at least two of the identified coins have lost almost 100% of their value. Also, a third coin lost 65%. The creators of a pump and dump scheme often run a campaign of misleading claims and promotions to persuade investors to buy tokens; Investors then surreptitiously sell their share of the scheme as prices rise.
Employer 0xb583, the bad actor behind the tokens, created dozens of tokens using a pump-and-dump scheme, Peckshield noted.
There is speculation that scammers may try to take advantage of the recent Advertisement OpenAI’s ChatGPT technology is being integrated into Bing, Microsoft’s Edge web browser. The token name may be an attempt to trick victims into thinking they are affiliated with Microsoft. Thus, they would get the impression that they were capitalizing on the hype surrounding AI chatbots.
24% of tokens launched in 2022 resembled pump and dump
in other ReportBlockchain analytics firm Chainalysis revealed that nearly 10,000 new tokens set to launch in 2022 exhibit all the on-chain characteristics of pump-and-dump schemes.
Chainalysis also noted that 1.1 million tokens were launched in 2022, but only 40,521 impacted the crypto ecosystem.
“Of the 40,521 tokens launched in 2022 that gained enough traction to be tested, 9,902, or 24%, saw a price drop in the first week, indicating potential pump-and-dump activity.”