According to a study published by the blockchain security analysis company Peckshield, there have been hundreds of freshly generated BingChatGPT tokens that seem to be part of a pump-and-dump operation.
According to PeckShield, at least three BingChatGPT coins seem to be involved in honeypot scams. Honeypot schemes make use of smart contracts in order to trick users into transferring Ethereum to the attacker, who then takes possession of the Ethereum and exploits it.
The prices of two of the BingChatGPT tokens, each of which contained rather significant sale taxes, have already decreased by more than 99% since they were first issued.
PeckShield claims that the deployer identified as 0xb583 has previously used a pump-and-dump strategy in order to obtain a number of tokens. The fact that the specified rug pull address has created coins that include well-known phrases like “Elon Musk” and “Dogecoin” is an intriguing development.
There is a possibility that Microsoft’s incorporation of OpenAI’s chatbot technology into its Bing search engine was the catalyst for the growth in the value of such tokens. The ChatGPT-based artificial intelligence that powers Microsoft Bing is already subject to intense investigation.
It is possible that the perpetrators of this assault started these pump-and-dump tokens with the intention of making a lot of money quickly by capitalizing on the hype surrounding ChatGPT-based Microsoft Bing AI.
Chainalysis published a study not too long ago stating that the pump and dump plan 2022 showed a cost of $4.6 billion. The company revealed that there were around 9,900 many tokens that were created last year that may have been false.
Compiled by Coinbold