Scammers Deploy Dozens of Fake ChatGPT Tokens

Three newly-deployed tokens have been identified as honeypots, while two have a high sell tax.

Scammers recently created numerous Bing ChatGPT tokens in an elaborate attempt at defrauding unsuspecting investors through several avenues, including a honeypot mechanism, a pump and dump scheme, and a high sell tax. The tokens were deployed on the Ethereum and BNB Chain networks.

Blockchain security resource PeckShield called public attention to the recently-deployed tokens today, imploring investors to be careful.

#PeckShieldAlert PeckShield has detected dozens of newly created #BingChatGPT tokens, of which 3 appear to be #honeypots & 2 have high sell tax. 2 of them have already dropped over -99%.
Deployer 0xb583 has already created dozens of tokens with a pump & dump scheme #AI #ChatGPT pic.twitter.com/merQikuslk

— PeckShieldAlert (@PeckShieldAlert) February 20, 2023

All the tokens have the name “BingChatGPT,” with varying symbols. According to PeckShield, three tokens have been identified as honeypots. Honeypot contracts have a fake and obvious vulnerability that tricks a user into sending assets to them to exploit the vulnerability. However, the contracts are designed to prevent the tokens from being drained, essentially locking up the user’s funds.

Moreover, two of the tokens are noted to have high sell taxes of 99% and 100%. Investors cannot sell tokens with high sell taxes until they pay significant fees to sell them, which could result in massive losses. In this case, investors will have to pay fees that are 99% and 100% of the value of the tokens held to sell them.

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In addition, PeckShield disclosed that two of the tokens have already declined by over 99%, indicating that they were created to engineer a pump-and-dump scheme. The security platform also revealed that 0xb583, one of the addresses involved, is known to be a serial deployer of pump-and-dump tokens.

The deployment of Bing ChatGPT scam tokens comes on the heels of massive rallies recently engineered by AI tokens amid the hype surrounding AI tech.

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