- Crypto investors are at risk as fake ChatGPT tokens lure them in, with many of the fraudulent contracts emerging on BNB Chain, Ethereum and other blockchains
- Microsoft’s decision to partner with OpenAI for search services sparked a rush of ChatGPT token purchases, including some that were not legitimate projects
- Binance had no comment regarding the issue
With cryptocurrency continuing to display its presence to the mainstream crowd, scams have become a dime a dozen, and the recent ChatGPT craze is no exception. Malicious market participants take advantage of the hype by creating rip-off tokens branded after the OpenAI-developed chatbot unrelated to anything near cryptocurrency.
Over 170 fake tokens circulate across decentralized exchanges like Uniswap and PancakeSwap – with some garnering market capitalizations of up to $250 million and more.
Unfortunately, many fraudulent contracts have emerged as part of this wave of unofficial issuances. Blockchain security firm PeckShield identified at least 132 tokens issued on BNB Chain, 25 on Ethereum, and ten across other blockchains like Solana, Cronos, OKChain, and Arbitrum, potentially containing “honeypots| or high sell taxes set by their respective developers.
This situation could be considered a testament to how word travels in crypto circles: Microsoft’s move to partner up with OpenAI to integrate its chatbot for search services had investors rushing towards ChatGPT options within weeks – including some which weren’t even legitimate projects.
In any case, crypto experts advise users to remain vigilant and avoid ChatGPT-themed tokens.
The Rise of AI Versus Cryptocurrency
Artificial intelligence (AI) language tools like Jasper and ChatGPT rapidly change how people communicate and interact with technology. On the other hand, new digital currencies like Bitcoin and blockchain-based systems have emerged as powerful forces in the global financial system. Despite their different uses, there are several similarities between these two tech disruptors, including decentralization, security, and efficiency.
As businesses strive to keep up with the fast-paced digital world, using AI language tools has become necessary for them to remain competitive. AI language tools like Jasper and ChatGPT enable businesses to craft better content, engage more customers and increase their success in social media marketing.
They also reduce the time required for manual tasks such as writing posts or responding to customer queries, allowing companies to focus more on driving sales and growing their business.
One significant difference between AI language tools and cryptocurrency/blockchain is their intended purpose. Language AIs are designed for swift and accurate communication with users to improve customer service experiences or quickly provide personalized answers to queries.
On the other hand, cryptocurrencies/blockchains are designed for making secure digital financial transactions without reliance on third-party entities such as banks or governments.
In conclusion, while AI language tools and blockchain are evolving technologies that could potentially revolutionize their respective industries, they operate differently by serving different purposes.
AIs improve communication processes, while cryptocurrencies secure financial transactions by relying on decentralized networks of computers connected through blockchain technology.
