Cryptocurrency experts have found fraudulent tokens related to ChatGPT

Blockchain security firm PeckShield has discovered fraudulent tokens that may be related to the ChatGPT chatbot. Theanalysts reported at least three «BingChatGPT» virtual coins that are part of a honeypot scheme that tricksusers into sending ETH to attackers.

Experts note that two tokens have lost almost 100% of their value at this point, while the third has lost 65%. PeckShield believes that the fake cryptocurrency was used in a pump and dump scheme.

#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

Pump & Dump is a manipulative scheme to increase the value of cryptocurrencies with a subsequent price collapse. Large asset owners artificially increase (pump) their price in order to sell (dump) it at the highest price to small traders. As a result, the value of the asset falls, and investors lose their money.

Recently, Chainalysis released a fresh report stating that almost 10,000 new tokens issued last year bore all the hallmarks of a pump and dump scheme. In turn, blockchain experts emphasized that in 2022, a total of 1.1 million tokens were issued, but only 40,521 of them had an impact on the crypto ecosystem.

«Of the 40,521 tokens issued in 2022 that gained enough popularity to be worth analyzing, 9,902, or 24%, crashed within the first week of sale,» the firm said.

It should be added that according to Chainalysis' annual report, the total value of illegal cryptocurrency transactions in 2022 reached a record $ 20.1 billion. The figure is not final and may increase if experts identify new addresses related to criminal activity.