Hundreds of fake “ChatGPT” tokens appear | coindesk JAPAN | Coindesk Japan

Take advantage of the conversational AI “ChatGPT”, which has become a hot topic beyond the IT industry, and make money by issuing fake crypto assets using that name, even though there is no formal relationship. Malicious market participants are appearing.

Hundreds of fake ChatGPT tokens have been issued in recent weeks. More than 130 use the BNB chain, 25 use Ethereum, and 10 use blockchains such as Solana, Arbitrum and Cronos.

These fake crypto assets were triggered by Microsoft’s incorporation of ChatGPT technology into its search engine, Bing.

Scammers don’t miss the opportunity to make money from booms. A number of “BingChatGPT” tokens have been issued, with trading volumes of thousands of dollars confirmed despite warnings.

Blockchain security firm PeckShield “detected dozens of newly minted BingChatGPT tokens, three of which appear to be honeypots, two of which set high sales taxes, and two of which are already at 99%. Deployer 0xb583 has already created dozens of tokens in a pump and dump scheme,” he tweeted.

#PeckShieldAlert PeckShield has detected dozens of newly created #BingChatGPT tokens, of which 3 appear to be #honeypots & 2 have high sell tax. 2 of them have already dropped over -99%.
Deployer 0xb583 has already created dozens of tokens with a pump & dump scheme #AI #ChatGPT pic.twitter.com/merQikuslk

— PeckShieldAlert (@PeckShieldAlert) February 20, 2023

In cryptocurrency, a honeypot is a smart contract that deceives users and steals their assets. Sales tax, on the other hand, is the amount a smart contract takes as a commission when selling crypto assets, and it is often set at 50% or more for these crypto assets. In other words, a user who sells $100 worth of crypto assets will only receive $50, with the rest going to the smart contact developer.

As of Wednesday’s writing, data from DEXTools shows there were over 170 cryptocurrencies using the ChatGPT name on decentralized exchanges (DEXs) such as Uniswap and PancakeSwap.

The most popular one, issued on the Ethereum blockchain, has a market capitalization of over $250 million, more than 300 unique holders, and a liquidity of $600,000. Its BNB chain version has a market cap of $24 million and liquidity of $246,000.

These fake cryptocurrency trading volumes (albeit fraudulent in some cases) offer a glimpse that the dream of skyrocketing cryptocurrency prices is alive and well.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: Hundreds of Fake ChatGPT Tokens Are Luring Crypto Punters, Majority Issued on BNB Chain