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Beware of the BingChatGPT Token Scam

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According to reports, PeckShield monitoring data shows that there have been dozens of newly created BingChatGPT tokens, three of which seem to be honeypot scam…

Beware of the BingChatGPT Token Scam

According to reports, PeckShield monitoring data shows that there have been dozens of newly created BingChatGPT tokens, three of which seem to be honeypot scams, and two of them have fallen by more than 99%. Deployer 0xb583 has created multiple tokens using the pull up shipment scheme.

PeckShield: There are many BingChatGPT tokens in the market, and you need to be alert to fraud

Interpretation of the news:


PeckShield, a blockchain security company, reported that there is a new breed of scams in the cryptocurrency world that use the BingChatGPT token. The security team has uncovered dozens of newly created BingChatGPT tokens, three of which are suspected to be honeypot scams. Moreover, two of these new tokens have already lost more than 99% of their value.

A honeypot scam is a type of scam where the attacker lures potential investors to participate in the ICO (Initial Coin Offering) by making false promises of high returns on their investment. Once the unsuspecting investors pour in their money, the attacker disappears with their funds, leaving the investors with nothing. This type of fraud is a common occurrence in the cryptocurrency world, and investors must do their due diligence before investing in any ICO.

The BingChatGPT token operates using smart contracts in the Ethereum blockchain. Smart contracts enable trustless and decentralized transactions to occur without the need for intermediaries such as banks. The use of smart contracts has made it easier for scammers to carry out their fraudulent activities. In the current case, the deployer 0xb583 is using the pull-up shipment scheme, which is an easy way to create multiple tokens without performing the necessary KYC (Know Your Customer) checks required by regulatory authorities.

PeckShield’s monitoring system has identified the use of this method by the deployer 0xb583. This method has raised suspicion amongst the experts at PeckShield as it appears to be violating anti-money laundering (AML) regulations. This also indicates that the deployer has intentionally created these tokens to serve as a platform for a possible scam in the future.

In conclusion, the cryptocurrency world is not devoid of scams, and the recent development of BingChatGPT token scams is a clear indication of that. Investors need to exercise caution and do their due diligence before investing their money in any cryptocurrency ICO. PeckShield’s monitoring system is one of many tools available to investors to safeguard them from fraudulent activities. It is essential to ensure that regulatory authorities establish more stringent regulations concerning the KYC process and AML regulations that would help in detecting and preventing future occurrences of such scams.

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