Blockchain security firm PeckShield has found dozens of tokens impersonating to be linked to artificial intelligence (AI) chatbot ChatGPT which has taken the world by storm. PeckShield has warned crypto users on February 20 that many “BingChatGPT” tokens have emerged, and that they are led by attackers which use illicit pump and dump schemes to trap traders and steal their money.

According to PeckShield, at least two dozen tokens lost almost all of their value; a phenomenon also coined as a “rug pull”, which involves misleading investors and persuading them into investing into a specific digital asset before plummeting its value to oblivion.

Amid the rise of AI-powered chatbots, the crypto ecosystem may be subject to more scams related to the field of artificial intelligence given rocketing demand and interest.

Sources:

https://cointelegraph.com/news/bingchatgpt-pump-dump-tokens-emerging-by-the-dozens-peckshield

https://thecryptobasic.com/2023/02/20/scammers-deploy-dozens-of-fake-chatgpt-tokens/

https://watcher.guru/news/fact-check-has-chatgpt-released-its-native-cryptocurrency-token