A Wave Of Fake Chatgpt Tokens Emerged Following the Recent AI Hype3-min read

All that glitters…: Fake ChatGPT tokens flood market

Recently, OpenAI’s new messaging bot, ChatGPT, took the tech industry by storm. As the most advanced chatbot currently on the market, the tool impressed companies, regular users, and even Wall Street. More importantly, it kicked off the AI craze that put the emerging technology under the spotlight.

However, it also inspired a new wave of scams and frauds, such as a number of cases where hackers and scammers created fake ChatGPT tokens, designed to look like they are affiliated with the project. Of course, this is not true, and investors were warned by experts from all over the world not to purchase such coins and tokens.

In one scenario, dozens of tokens called BingChatGPT were released, according to reports from a blockchain security company, PeckShield. The scammers sought to use them to capitalize on the new Bing browser created by Microsoft, which is powered by ChatGPT. 

According to PeckShield’s report, the tokens were deployed from a wallet address “0xb583,” and whoever owns it has already made dozens of tokens that participated in the past pump & dump schemes.

ChatGPT sparks AI wars among tech firms

ChatGPT has captured the attention of investors and tech firms thanks to its natural-language ability, and by shining the light on the AI technology, the bot has sparked an entire AI war among major tech firms. While many seek to integrate it into their businesses, a lot of tech companies are now predicting the start of a new era, one dominated by AI-powered tools.

Dan Ives, an analyst from Wedbush, recently commented on the current situation, describing it as a Game-of-Thrones-like battle between Apple, Microsoft, and Alphabet — the parent company of Google itself.

Recent reports have also suggested that the most popular fake token branded to seem like it was connected by ChatGPT has managed to reach a market cap of over $250 million. This means that it managed to trick a lot of people quite quickly, and marking it as one of the largest ChatGPT scams right now.

Meanwhile, cryptocurrencies that branded themselves with ChatGPT name totaled 170 in a search on DEXTools, a popular crypto trading platform, indicating that a lot of scammers had the same idea about using the currently trending technology to in get-rich-quick schemes.

The assets have even been issued on some of the leading DEXes out there, such as Uniswap and PancakeSwap. It is also worth noting that the success that they have seen likely comes from the fact that the crypto prices have been seeing a period of recovery that started with 2023. For more than a year, the prices have been spiraling down, and so investors are eager to get back into the industry, seeking any new opportunities that might present themselves.