Some malevolent actors have issued hundreds of fake ChatGPT tokens on blockchains like BNB Chain, Ethereum, and Solana to hunt investors through scam activity.
Blockchain security firm Peckshield confirmed that 132 and 25 such tokens were issued on BNB Chain and Ethereum, respectively.
- DEXTools data also showed that more than 170 ChatGPT-branded tokens were released on decentralized exchanges like Uniswap and PancakeSwap.
- The trend came right after Microsoft integrated OpenAI's chatbot into its search engine Bing, having the wind at its back.
- Hundreds of ChatGPT-branded tokens in question have no official association with the AI-powered chatbot or Microsoft.
- Despite all the red flags, some of these fake tokens have reached thousands of dollars in trading volume, and two have already decreased by over 99% in value.
- The most popular one is issued on Ethereum and has a market cap of over $250M.
