CryptoGPT is a blockchain technology designed to usher in a trillion-dollar data and artificial intelligence (AI) revolution. This idea is unique as it combines AI and blockchain technology to create an ecosystem that handles data as an asset class.
CryptoGPT has gained a lot of attention recently due to its unique features. The AI-to-Earn feature of CryptoGPT, which has become popular over the past few months, is a key component of the marketing plan for this innovative startup. It’s the main way the company will supply users for its app-developing clients.
However, when something shoots to fame people try to leverage it and make money by dishonest ways. Here’s the latest update on what’s happening.
Fake giveaways causing menace
“CryptoGPT,” a prominent hashtag on Twitter, is related to the artificial intelligence cryptocurrency token. Alongside it, a number of Twitter accounts with strikingly identical appearances have also appeared; some of them have been promoting probably fraudulent giveaways.
With an aim of capturing the attention in the market, “Download CryptoGPT” was trending, with 6,185 tweets associated with it, and GPT-4, an unreleased neural network created by OpenAI, was also trending with 4,683 tweets.
The term “CryptoGPT” is also used by dozens of Twitter accounts, some of which are likely advertising fraudulent giveaways or airdrops.
Several of these accounts claim that the alleged startup enables users to leverage blockchain and AI to monetize their data. The project wants to draw decentralized app developers to create applications on its blockchain. When users of these DApps generate anonymized user data, CrypoGPT will accept payment in the form of GPT tokens.
Nevertheless, it doesn’t seem like the project has any direct connections to the ChatGPT AI chatbot, which has taken the internet by storm.
How are they scamming people?
The pump and dump scheme is employed for this purpose. The developers of a pump-and-dump scheme often orchestrate a campaign of deceptive statements and hype to induce investors to purchase tokens, then secretly liquidate their stake in the scheme as prices rise.
A blockchain analytics company called PeckShield issued a warning to its followers earlier this year over dozens of suspected “pump and dump” coins that claimed to be associated with ChatGPT and Bing AI.
CryptoGPT to be listed.
By launching its own currency, CrytoGPT, a zero-knowledge (ZK) layer 2 blockchains, is seeking to capitalize on the popularity of ChatGPT and artificial intelligence (AI). The token will be listed on cryptocurrency exchanges like Bitfinex, Bybit, Bitget, and others and traded under the ticker GPT. Also, a number of non-fungible tokens (NFT) that keep track of an owner’s activities will be released.
The current price of CryptoGPT is $0.051706 USD with a trading volume of $28,470,716 USD.
Whenever there is a trend like this on the internet, there are always attempts by some to scam and make money fraudulently. It is important to conduct research and verify before investing.
Source: https://coinpedia.org/news/cryptogpt-whats-all-the-hype-about-the-newly-listed-gpt-coin/