PeckShield, a major blockchain security firm has shared some alarming details involving the BingChatGPT Tokens. The information that the firm has shared is very alarming for investors in the cryptocurrency industry.
Claim Made by PeckShield
PeckShield has claimed that several dozen tokens have been introduced by the perpetrators by the names of ChatGPT. They have claimed that they are linked with ChatGPT, which is a chatbot powered by artificial intelligence (AI) technology.
The security firm has revealed that they have been monitoring such tokens for some time and the information they have gathered is quite alarming.
Upon checking the data for the particular protocols, they have established that at least two tokens claiming to be linked with ChatGPT have zeroed out.
PeckShield has revealed that the values of at least two tokens have been washed out completely, suggesting they have lost 100% of their values.
The third token that has recorded the major fall has plunged by 65%. This means that the investors are now looking at huge losses and it may take some investors a lot of time to recover from the shock.
Following the extensive search and investigation, PeckShield has pronounced that all of the tokens are part of the “pump and dump” scheme. In other words, all of these tokens have been launched with the intention of carrying out a rug pull.
It means that the developers of a token claim to be connected to a major project or a company. This way, they are able to gain the public attention they need to get the ball rolling.
In the next few days, they use the name of a reputable entity they claim to be working for, to gain the trust of the investors.
They continue creating false hype about the asset so more investors gather around it and keep on investing. When the impersonators have generated enough funds, they simply run away without making any announcements whatsoever.
In the cryptocurrency world, such behavior is referred to as “rug pull”.
According to PeckShield, such protocols usually keep the customers in the dark. They continue stealing money from investors in the form of investments, promising to double it in the near future.
Finally, as the price of the asset reaches a designated level, the impersonators proceed with secretly selling their stake in the tokens (scheme).
PeckShield’s Claim Involving 0xb583
According to the data PeckShield has gathered, a particularly bad actor known as “Deployer 0xb583” is involved in the creation of several ChatGPT-related tokens.
The particular bad actor is involved in creating over a dozen tokens and all of the tokens were launched for the purpose of luring people.
The only purpose these tokens are fulfilling is looting people and dumping the tokens to generate profits, leaving the real investors behind.
PeckShield Alert has reportedly provided information about the particular bad actor’s involvement. They have revealed that the particular actor created BingChatGPT tokens.
These were more than a dozen tokens, out of which 2 tokens had already plunged over 99% in value. 2 tokens have very high sell tax, and 3 tokens have turned out to be honeypots.
The information pertaining to the particular tokens has been shared by PeckShield on February 20, 2023.
No Explanation on the Matter
Although PeckShield has collected very concerning information about the matter it is yet to establish why the bad actors are using the name BingChatGPT.
It is still very concerning why the bad actors are using the name of the particular technology to fool around with the investors.
For now, there is only one explanation for the matter, which is the recent announcement made by the actual team behind ChatGPT, OpenAI.
They recently announced that very soon, the Edge web browser of Microsoft and Bing will be integrated with the ChatGPT AI technology.
Following the announcement, several tokens have been launched making the same claims. As of now, most of these tokens have turned out to be nothing more than scams and fraudulent sales.