In the world of cryptocurrency, scammers are taking advantage of the hype around the ChatGPT artificial intelligence chatbot by issuing fake tokens with the ChatGPT branding.
Over the past few weeks, hundreds of these fake tokens have been issued, with 132 on BNB Chain, 25 on Ethereum, and ten on other blockchains. These fake issuances have come after Microsoft integrated OpenAI’s chatbots for search services on their internet browsers.
However, scammers have taken advantage of this by creating “BingChatGPT” tokens, which have no official association with the ChatGPT tool.
Despite red flags, some of these tokens have seen thousands of dollars in trading volumes. Some honeypot schemes and high sell tax have also been detected among these tokens, and blockchain security firms like Peckshield have identified nefarious issuers.
Currently, there are over 170 ChatGPT-branded tokens issued on decentralized exchanges, with the most popular one having a market capitalization of over $250 million and being issued on Ethereum. Despite the scams, trading volumes on these fake tokens remain high.
However, despite the risks and red flags associated with these ChatGPT-branded tokens, some individuals are still choosing to invest in them, highlighting the continued popularity and allure of cryptocurrency as a high-risk, high-reward investment.