A blockchain security business called PeckShield has issued a warning after finding many tokens that seem to be linked to ChatGPT, an AI-powered chatbot.

At least three “BingChatGPT” tokens use a smart contract that tricks a user into surrendering Ether, which the attacker then seizes and collects, claims a post from the company on February 20.

PeckShield asserts that at least two of the tokens mentioned have already lost approximately 100% of their value, while a third is at a loss of 65%, in what is usually referred to as a “pump and dump” scheme or “rug pull.”

A typical pump-and-dump scheme involves the perpetrators orchestrating a campaign of deceptive promotion and hype to entice investors to purchase tokens, then secretly selling their investment as prices climb.

At least one of the offenders responsible for the tokens, “Deployer 0xb583,” is in charge of creating “dozens of tokens with a pump & dump scheme,” according to PeckShield.

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Despite PeckShield’s lack of an explanation, it’s possible that the con artists are attempting to capitalize on the February 7 announcement that Microsoft’s Edge web browser and OpenAI’s ChatGPT platform would be integrated into Bing.

The token’s name may be an attempt to capitalize on the buzz around AI chatbots by tricking victims into thinking they are somehow affiliated with Microsoft.

The blockchain analytics firm Chainalysis stated in a report released on February 16 that approximately 10,000 new tokens anticipated to be created in 2022 matched all the requirements for pump-and-dump schemes.

“Of the 40,521 tokens launched in 2022 that gained sufficient traction to be worth analyzing, 9,902, or 24%, saw a price decline in the first week indicative of possible pump and dump activity,” the firm said.

 

The company looked at 25 in particular and found that “they were almost certainly designed for a pump and dump,” complete with malicious honeypot code that prevents new buyers from selling the token. However, a price decline alone does not always mean that the people who created the token did something wrong.