ChatGPT has sparked a ‘Game of Thrones’ AI war among tech companies.
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Fake ChatGPT-branded tokens are hitting the market as scammers aim to capitalize on the AI tool’s popularity.
One issuer has created “dozens of tokens with a pump & dump scheme,” said blockchain security firm PeckShield.
A search on one platform turned up 170 tokens carrying the ChatGPT name.
ChatGPT’s popularity has inspired scammers to unleash a wave of unauthorized cryptocurrencies designed to appear as if they’re affiliated with the chatbot that’s sparked 2023’s AI investing frenzy.
Among the moves, dozens of so-called “BingChatGPT” tokens have been newly created, according to PeckShield, a blockchain security company. The tokens are aimed at capitalizing on the new ChatGPT-powered Bing browser from Microsoft. The tech heavyweight worked with OpenAI, the nonprofit that created ChatGPT, to bring that technology to its search tool.
“Deployer 0xb583 has already created dozens of tokens with a pump & dump scheme,” PeckShield said, referring to an issuer’s wallet address.
ChatGPT’s natural-language ability has captured the attention of retail investors and Wall Street alike and has sparked an AI war among Big Tech companies. Wedbush analyst Dan Ives recently characterized the race as a “Game of Thrones” battle between Microsoft and Google’s parent Alphabet and Apple.
CoinDesk reported on Tuesday the most popular ChatGPT-branded token had a market capitalization of more than $250 million.
Meanwhile, tokens carrying the ChatGPT name totaled 170 in a search on crypto trading platform DEXTools on Tuesday. The digital assets have been issued on decentralized exchanges including Uniswap and PancakeSwap.
The tokens are also arriving amid a wider recovery in crypto prices after a brutal rout in 2022. Bitcoin has climbed by nearly 50% in 2023 after losing more than 60% of its value last year.