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Artificial intelligence-related investment scams have been all over the news recently. Hundreds of new cryptocurrencies referred to as ChatGPT “tokens” are surfacing on a variety of blockchain networks, news reports disclose.
Clearly, scammers are taking advantage of people’s interest in artificial intelligence and the excitement around new technology to trick them into investing money, hoping to make a quick profit.
In the last few weeks, hundreds of counterfeit tokens bearing the AI chatbot’s name were released. This includes 132 tokens released on BNB Chain, 25 tokens produced on Ethereum, and 10 tokens issued on other blockchains such as Arbitrum, Solana, OKChain, and Cronos.
The Bad Guys Are Taking Advantage Of ChatGPT’s Popularity
Scammers are exploiting ChatGPT’s popularity to generate quick cash. PeckShieldAlert, a security analysis platform, has lately uncovered thousands of new tokens called “BingChatGPT” tokens that use the name ChatGPT to propagate fraud.
Three of these cryptocurrencies look to be honeypots, while two have a high sell tax.
Honeypots are smart contracts that pretend to leak their funds to a random user if that person pays extra coins to the honeypot.
In contrast, sales tax is the term for the amount of money that is illegally taken from the sale of a token via a malicious smart contract.
Billions Of Dollars Lost To Scammers
Nonetheless, the market for honeypots and other crypto frauds is expanding. According to a research by Chainalysis, crypto investors lost approximately $3.8 billion to hackers in 2022, up from $3.3 billion in 2021.
These fake transactions could be a direct result of the software giant Microsoft’s choice to implement OpenAI chatbots for search services on its web browsers.
ChatGPT was created by OpenAI, however Microsoft’s chatbot is a customized application that is said to be “better” than the publicly available ChatGPT.
No Word From Microsoft And OpenAI
Microsoft and OpenAI have not launched any official cryptocurrency initiatives. So, it means all these tokens linked to ChatGPT and bearing the name of the two companies are clearly bogus.
But, con artists are not passing up the opportunity to capitalize on the hoopla. Despite obvious signs, many “BingChatGPT” tokens have been minted and are experiencing trade volumes in the thousands of dollars.
Two of the tokens masquerading as Bing-related initiatives contain unusually high sales taxes, so when a token is sold, the issuer will receive a substantial portion of the earnings.
Meanwhile, PeckShield has identified “Deployer 0xb583,” the purported creator of another BingChatGPT token, whose prior deployments have included coins with names that reference Tesla CEO Elon Musk and former British Prime Minister Liz Truss.
Two of them have already fallen by more than 99%. Deployer 0xb583 has already issued dozens of coins using a pump-and-dump strategy.”
It’s Probably Bogus
Although there has been a sudden uptick in curiosity around AI-powered digital currencies, it’s important to clarify that neither OpenAI nor Microsoft have any intention of launching any digital coins with their namesakes.
Any token that sounds remotely like ChatGPT or Bing is probably a fraud.
Dogecoin Price Prediction as $600 Million Trading Volume Comes In – Are Whales Buying?
DOGE’s indicators don’t paint an entirely encouraging picture at the moment, given that they appear to indicate further short-term losses. The coin’s relative strength index (purple) has dropped just below 50 in the past few hours, meaning it has plenty of space left to fall before it becomes oversold.
Correspondingly, DOGE’s 30-day moving average (red) has plateaued in relation to its 200-day (blue), meaning that the token could be on the brink of falling further.
Given that trading volume has increased in the past day or so, further price movements could indeed be imminent. And some observers have remarked that at least some whales have resumed accumulating DOGE, following its recent losses.
However, while there is some evidence of accumulation, there appears to be more evidence of whales moving DOGE to exchanges, in preparation for selling. For example, the past few hours saw one large holder move 60 million DOGE (about $5 million) to Coinbase
The past few days have brought numerous other examples of whales moving DOGE. Most notably, February 17 saw a wallet that had been dormant for over two years move DOGE worth $28 million to a new address.
Other recent examples include movements of 31.1 million DOGE, 28 million DOGE, 60 million DOGE, 60.3 million DOGE, 10.2 million DOGE, and so on. While such transfers could relate to individuals consolidating their holdings, they nonetheless raise the possibility that numerous whales could be preparing to sell.
This would fit with DOGE’s dips since early February, and it’s likely that more dips may be coming in the near future.
That said, the more distant future still looks good for DOGE. And as ever, the main reason for this is Elon Musk, with the Tesla and Twitter remaining Dogecoin’s most visible and vocal supporter..
Recent instances of Musk lending his supporter to DOGE include a viral tweet posted last week of his Shiba Inu dog, Floki, a tweet which caused a momentary spike. Likewise, he also attended Super Bowl LVII while decked out in a Dogecoin T-shirt, something which was probably seen by millions of people (including Fox owner Rupert Murdoch, who he was set next).
While these stunts may seem trivial, they all provide credibilty to ongoing expectation that Twitter will, sooner or later, introduce dogecoin payments.
Such expectations have been fed by a recent Financial Times article that showed Twitter is moving ahead with its digital payment plans. They’ve also been fed by hints last year that he may consider introducing DOGE payments to Twitter, although recent reports have made no explicit mention of the meme token.
As such, there remains a real if unproven chance that DOGE could benefit from some extremely big adoption news in the not-too distant future. If it does, its price will surge enormously, perhaps returning to its all-time high of $0.731578, set in May 2021.
In terms of the here and now, more sober analysts may propose a 2023 target for DOGE $0.13, as suggested by a recent report by crypto-exchange Changelly. If DOGE can make it to such a level, it would undoubtedly prepare the ground for further gains to come, particularly if the global economy and wider market becomes more bullish.
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