Beware of Scams tokens surfing on the success of ChatGPT

The growing popularity of the artificial intelligence tool ChatGPT is attracting interest not only from legitimate users, but also from malicious individuals. Reports indicate that scammers have recently mined several fake tokens associated with ChatGPT. In the past few weeks, at least 170 scam tokens have been issued on blockchains.

Hundreds of ChatGPT scam tokens flood the crypto market

Scammers, always on the lookout for easy money on the internet, have jumped on the opportunity guaranteed by the popularity of artificial intelligence ChatGPT within tech circles to line their pockets.

With software giant Microsoft’s announcement to integrate ChatGPT features, scammers rushed to create scam tokens. Even though ChatGPT, developed by OpenAI, has no official connection to these tokens, they still sport the chatbot’s logo.

According to Coindesk, these imposters have been spreading fake programs on a large scale. No less than 132 scam tokens issued on the BNB chain, 25 on Ethereum, and 10 others on various blockchains such as Solana, Arbitrum, OkChain and Cronos.

AI a trend, but also a new opportunity for scams

Since its free release in November 2022, ChatGPT has generated a lot of interest, but also concerns. While the benefits of the technology are undeniable, there have been incidents of concern.

Microsoft quickly seized the opportunity by integrating ChatGPT into its search engines to create BingChatGPT, an enhanced version for the general public. However, scammers quickly exploited this new technology to generate fraudulent revenue.

Blockchain security company Peckshield recently alerted on Twitter about the many “BingChatGPT” issued by scammers, which quickly suffered a -99% drop. More than 170 ChatGPT tokens are flooding decentralized exchanges such as Uniswap and PancakeSwap.

While some of these tokens are very popular, with multi-million dollar capitalizations, holders are taking a significant risk, as liquidity is very low. Indeed, the most popular token has a capitalization of over $250 million, but with only $600,000 in liquidity. Another token, issued on the BNB Chain, has a capitalization of $24 million, but only $246,000 in cash value.

Scammers are adept at exploiting opportunities to generate cash easily. Therefore, it is essential to stay alert to these fraudulent tokens to avoid falling into their clever traps.