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BlockGPT Appears Rug Pull With Damage $256,000

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BlockGPT Appears Rug Pull With Damage $256,000

blockgpt

Key Points:

  • Users were found to be taking advantage of a new Web3 project called BlockGPT, which aims to create an artificial intelligence system on the blockchain based on ChatGPT.
  • The report states that 816 BNB have been removed from the platform.
  • Due to a lack of information, the white paper for the previous project discovered numerous suspicious points.
BlockGPT, a Web3 company, was found to be rug-pulling users, raising concerns with newly launched platforms.
PeckShieldAlert issued a warning that the BlockGPT project on the BSC chain experienced a rug pull, resulting in the loss of more than 816 BNBs, or approximately $256,000. 800 BNBs have been changed over to Tornado Cash thus far. In the last hour, the price of BGPT has decreased by approximately 52%.

 

 

 

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A floor covering pull is a sort of misrepresentation wherein a digital currency or NFT designer builds up a task to accumulate financial backer assets, just to unexpectedly close down or leave, taking financial backer resources with them. The expression “to confuse somebody” alludes to startling the individual and scrambling.

A rug pull typically begins with the creation of a brand-new cryptocurrency token, which is then advertised on a decentralized market along with a coin from a dominant platform like Ethereum. After that, fraudsters make use of social media marketing to entice a community of investors by launching an advertising campaign that creates a lot of buzz and generates a lot of hype in a variety of places. These scams frequently assign membership in a Ponzi scheme or make fictitious promises of returns that are too good to be true. The value of a platform’s token grows in tandem with its reach when it gains enough traction. The core development team sells their tokens when the price reaches its peak, placing them in the investor fund treasury.

The company claims that BlockGPT aims to create a token-governed, decentralized chatbot on the blockchain with characteristics comparable to OpenAI’s ChatGPT. However, all of that is now history.

As per Godleak’s examination, the task’s true Twitter record and site are presently unavailable.

On the BlockGPT website, a white paper says that the company is using a proprietary dataset to train more than six generative pre-trained transformers (GPT) models for use on the platform. The document says that it was made specifically to answer questions about blockchains, but it doesn’t say how big the corpus is, how many parameters were used to train the model, or any other technical details about the AI.

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