News JVTech Beware of Scams: ChatGPT Phenomenon Generates Creation of Hundreds of Useless Cryptos (Shitcoins)
Beyond its media presence, ChatGPT software meddles in different and diverse sectors, sometimes unexpectedly. If at first glance there is no direct connection between crypto and the artificial intelligence cat, many scammers use the phenomenon to their advantage to scam investors.
The side effect of ChatGPT
The advent of conversational software powered by OpenAI artificial intelligence has become a real phenomenon in just a few months. This strong enthusiasm is inevitably an asset to certain speculators looking to capitalize on innovation.
With no direct link, ChatGPT accidentally created the release of a hundred useless tokens better known as “Shitcoins”. As a reminder, the term refers to cryptos that generally have no utility and follow a trend or current events. In this case, the massive issuance of these tokens coincides with a recent announcement by Microsoft, in which the multinational states that it intends to use OpenAI chatbots in its web browser.
Following this announcement, 167 fake ChatGPT tokens were discovered, according to CoinDesk. Which were issued on 3 different networks:
- BNB (132 tokens)
- Ethereum (25 tokens)
- Solana, Arbitrum, OKChain and Cronos (10 jets)
These baseless cryptos are only interesting in their name, which generally roughly refers to the brand of the famous software. They are real tools for scammers whose goal is to attract as many investors as possible in order to steal their funds.
Thousands of dollars caught in ChatGPT Shitcoins
These useless cryptos stamped “BingChatGPT” are somewhat software imitations and can be very expensive for less experienced investors. For example, one of these cryptos on the Ethereum network even managed to capitalize almost $250 million from 300 investors – exorbitant figures proving the effectiveness of the scam…
While most engage in what is known as “pump and dump” (a system of artificial price inflation that usually takes crypto to -99% in record time), others have even more fraudulent techniques.
Some of these fake ChatGPT tokens are “honeypots”. If the name of this scam doesn’t seem like much, it is still impressive. This allows the creators of the infected token to block sales to buyers using the smart contract. So the owner is stuck with his shit coins after the purchase. By luring investors, the price goes up and the scammer only has to resell their shares at the highest price to make a profit. Other tokens also use ultra-high taxes on purchase, sometimes representing the price of the investment.
Uncovered by cybersecurity firm PeckShield, these unscrupulous methods appear to have wreaked havoc on even the most gullible of investors. Therefore, caution is advised. A tip: if you come across cryptos that go by the name ChatGPT, run away.
