Blockchain Security Firm Uncovers New Crypto Scam Posing as ChatGPT

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• Blockchain security firm PeckShield has uncovered a new crypto scam impersonating ChatGPT.
• The scam tokens are honeypots and have high sell taxes, leading to losses of nearly 100% for investors.
• Microsoft announced the launch of an AI-powered Bing search engine that is more powerful than ChatGPT.

New Crypto Scam Impersonating ChatGPT

Blockchain security firm PeckShield has discovered a number of cryptocurrency scams designed to take advantage of the popularity of the ChatGPT AI chatbot. According to PeckShield’s tweet, some of these tokens appear to be honeypots with high sales tax, resulting in losses of up to 100%.

What Are Honeypots?

A honeypot is a type of scam whereby malicious actors create fake crypto wallets in order to attract victims into investing or trading. The scammers often pose as legitimate businesses or organizations, promising services or rewards in exchange for cryptocurrency.

High Sales Taxes

Many legitimate projects use sales tax as a way to incentivize long-term holding and reward token holders. However, fraudulent projects often set their sales taxes at 100% in order to steal money from unsuspecting users. Two out of the three identified tokens had already dropped by almost 100%, while another one fell by 65%.

Microsoft Launches Bing Search Engine

Earlier this month, Microsoft announced the launch of an all-new AI-powered Bing search engine that utilizes OpenAI’s large language model – making it more powerful than ChatGPT. This has only further increased interest in the chatbot craze and led to even more scams trying to capitalize on its popularity; according to DEXTools, there are 175 coins called ‘ChatGPT’ issued on several different blockchains like BNB Chain, Ethereum, Arbitrum etc., showing hundreds of thousands dollars in trading volume.

Final Thoughts

It is important for investors to do their due diligence before investing any money into cryptocurrencies – no matter how promising they may seem – and always be aware that there are malicious actors who will go out of their way trying to take advantage of them.