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Fake Bing ChatGPT tokens araise amid AI hype

Since Microsoft announced a new version of its Bing search engine that uses artificial intelligence (AI), fraudsters have flooded the market with tokens to take advantage of the product’s popularity.

The new search engine uses the same technology as OpenAI’s popular text chat app ChatGPT. This means that it will compete with Google in the area of artificial intelligence (AI) technology.

Are AI-related crypto currencies popular?

On the cryptocurrency market, investors who want to get in on the action have driven up the price of AI-related crypto tokens like Fetch (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN).

But the excitement seems to have made it easier for people to make fake tokens that look like well-known brands.

A search on DEXTools showed that at least twenty different products are using the name “BingChatGPT.” Twelve of them are on Binance’s BNB Chain, six were made on Ethereum, and two were made on Arbitrum.

Another 170 use the name ChatGPT, and BNB is once again the most popular way to issue coins.

As part of its plans for Bing, Microsoft has not talked about any official crypto projects or tokens. Decrypt has asked both Microsoft and OpenAI for their thoughts.

AI token scams

In a tweet about the growth of BingChatGPT, the crypto security company PeckShield said that at least three of the coins with the name BingChatGPT seemed to be honeypots.

A honeypot is a type of cryptocurrency scam in which the scammer tells the victim that they will get more money if they send an initial amount, but the victim never gets the extra money.

Two of the tokens that look like they have something to do with Bing have very high sales taxes. This means that when a token is sold, the person who made it will take a big chunk of the money, in this case 99.9% or even 100% of the cash.

In the meantime, a second BingChatGPT token seems to have been made by a person who has done this before. PeckShield calls this person “Deployer 0xb583,” and among the currencies he has given out in the past are ones with names like “Elon Musk” and “Liz Truss.”

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About MahKa

Fake Bing ChatGPT tokens araise amid AI hypeMahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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