BINGCHATGPT PUMP AND DUMP TOKENS EMERGING BY THE DOZEN: PECKSHIELD

Last updated: June 19, 2025, 20:06 | Written by: Erik Voorhees

The AI revolution is upon us, and with it comes both immense opportunity and, unfortunately, rampant exploitation. Blockchain security firm PeckShield has found dozens of tokens impersonating to be linked to artificial intelligence (AI) chatbot ChatGPT which has taken the world by storm.ChatGPT, the groundbreaking AI-powered chatbot from OpenAI, and its recent integration into Microsoft's Bing search engine and Edge browser, have captured the world's attention.But this fervor has also attracted the less-than-savory elements of the cryptocurrency space. At least one of the bad actors behind the tokens, Deployer 0xb583, is responsible for creating dozens of tokens with a pump dump scheme, said PeckShield. PeckShieldAlert PeckShield has detected dozens of newly created BingChatGPT tokens, of which 3 appear to beBlockchain security firm PeckShield has issued a stark warning, revealing the emergence of dozens of newly created tokens masquerading as legitimate projects connected to BingChatGPT. Blockchain safety agency PeckShield has raised the alarm after discovering dozens of tokens purporting to be associated to synthetic intelligence (AI) poweredThese tokens, however, are often elaborate pump-and-dump schemes or honeypots designed to ensnare unsuspecting investors. Blockchain security firm PeckShield has raised the alarm after finding dozens of tokens purporting to be related to artificial intelligence BingChatGPT pump and dump tokens emerging by the dozen: PeckShieldIn a whirlwind of hype and inflated promises, these malicious actors are leveraging the popularity of AI to line their own pockets. Blockchain security firm PeckShield has raised the alarm after finding dozens of tokens purporting toThis article will delve into the details of these scams, how to identify them, and what steps you can take to protect yourself from becoming a victim.Understanding the mechanisms behind these schemes is crucial in navigating the rapidly evolving landscape of crypto investments and staying safe from potential financial ruin.It's a wild west out there, and knowledge is your best weapon.

The Rise of BingChatGPT-Themed Crypto Scams

The integration of ChatGPT into Bing was a watershed moment, signaling a new era of AI-powered search and interaction.Naturally, opportunists were quick to capitalize on the buzz, and the cryptocurrency world has seen a surge in tokens claiming affiliation with this revolutionary technology.However, many of these tokens are not legitimate projects but rather carefully orchestrated schemes designed to defraud investors.

PeckShield's Discovery and Warning

PeckShield, a reputable blockchain security firm, was among the first to raise the alarm about this emerging trend.Their analysis revealed a significant number of newly created tokens bearing the BingChatGPT name, many of which exhibited red flags indicative of fraudulent activity. PeckShield's vigilance is crucial in protecting the crypto community from these scams. شرکت امنیتی بلاک چین PeckShield پس از یافتن ده ها توکن که ادعا می کنند مرتبط با هوش مصنوعی (AI) هستند، زنگ خطر را به صدا درآورده است.They are constantly monitoring the blockchain for suspicious activity and alerting the public to potential threats.

According to PeckShield's findings, at least three of these tokens appear to be honeypots. A PeckShield blokkl nc biztons gi c g riaszt st adott, miut n t bb tucat tokent tal lt, amelyek ll t lag mesters ges intelligenci val (AI) vez reltek.In addition, at least one of the bad actors behind these tokens, Deployer 0xb583, is responsible for creating dozens of tokens with a pump and dump scheme.

Understanding Pump-and-Dump Schemes and Honeypots

To effectively protect yourself from these scams, it's essential to understand the mechanics of pump-and-dump schemes and honeypots. While PeckShield did not explain why the bad actors are using the name BingChatGPT for their tokens, the scammers could be trying to take advantage of the Feb. 7 announcement that OpenAI's ChatGPT tech is being integrated into Bing and Microsoft's web browser Edge.These are two common tactics employed by malicious actors in the cryptocurrency space.

How Pump-and-Dump Schemes Work

A pump-and-dump scheme involves artificially inflating the price of a token through misleading positive statements and aggressive marketing.The scammers, who typically hold a significant portion of the token supply, create a sense of urgency and FOMO (Fear Of Missing Out) among investors. This week on The Market Report, the resident experts at Cointelegraph discuss dozens of pump-and-dump tokens purporting to be related to ChatGPT and Bing AI chat. We will be doing things a littleAs the price rises due to increased demand, the scammers then sell their holdings at a profit, leaving the remaining investors with a worthless asset. Blockchain security firm PeckShield has raised the alarm after finding dozens of tokens purporting to be related to artificial intelligence (AI) powered chatbot ChatGPT. In a Feb. 20 post, the firm revealed at least three BingChatGPT tokens appear to be part of honeypot schemes a smart contract that tricks a user into sending EthereumThis abrupt sell-off causes the price to crash, leaving those who bought in at the peak with substantial losses.

Inflated Promises: Scammers often make unrealistic promises about the token's potential, claiming partnerships with major companies or revolutionary applications.
Aggressive Marketing: They use social media, online forums, and paid advertising to promote the token and generate hype.
Artificial Scarcity: They may create a false sense of scarcity to drive up demand.
Sudden Sell-Off: The scammers sell their holdings without warning, causing the price to plummet.

The Deception of Honeypots

A honeypot is a type of smart contract that appears to be a legitimate token but is designed to trap unsuspecting investors. In a pump and dump or rug pull, at least two of the tokens detected by PeckShield have lost over 100% of their value, while a third has lost 65%. The developers of a pump-and-dump scam usually mislead investors into buying tokens, then sell their share as values rise.The contract is programmed in a way that allows users to buy the token but prevents them from selling it. Blockchain security firm PeckShield has raised the alarm after finding dozens of tokens purporting to be related to artificial intelligence (AI) poweredThis can be achieved through various methods, such as restricting the sell function to specific addresses or imposing exorbitant transaction fees on sales.

In the case of the BingChatGPT-themed honeypots, PeckShield discovered contracts that allowed users to purchase the token but prevented them from selling it back.This effectively traps the user's funds, as they are unable to recover their investment.

Identifying Red Flags: How to Spot a BingChatGPT Crypto Scam

While these scams can be sophisticated, there are several red flags that you can look for to identify potentially fraudulent BingChatGPT tokens:

Unrealistic Promises: Be wary of tokens that promise guaranteed high returns or partnerships with major companies without providing credible evidence.
Lack of Transparency: Legitimate projects will have a clear whitepaper, a publicly available team, and an active community. Some of the addresses reportedly associated with the BingChatGPT tokens. Source: PeckShield. According to PeckShield, at least two of the tokens identified have already lost nearly 100% of their value, while a third is at a 65% loss in what is often referred to as a pump and dump scheme or rug pull.If these are missing, it's a major red flag.
Anonymous Developers: While anonymity isn't always a sign of malicious intent, it should raise suspicion.Legitimate projects are usually backed by a team that is willing to publicly identify themselves.
High Transaction Fees: Unusually high transaction fees, especially on sales, can be a sign of a honeypot contract.
Locked Liquidity: Verify if the liquidity pool is locked and for how long.Unlocked liquidity allows the developers to pull out all the funds.
Suspicious Smart Contract: Analyze the smart contract code for any unusual or restrictive functions that could prevent you from selling the token.Tools like Etherscan can help you examine the contract.
Pump-and-Dump History: Check if the Deployer address has a history of creating pump and dump tokens.
Rapid Price Increase: Be cautious of tokens that experience a sudden and dramatic price increase without any fundamental reason.This could be a sign of a pump-and-dump scheme.

Real-World Examples of Failed BingChatGPT Tokens

PeckShield's research highlighted several instances of BingChatGPT tokens that have already failed, demonstrating the real-world consequences of these scams.According to their findings, at least two of the tokens they identified have lost nearly 100% of their value, while a third has experienced a 65% loss.

These examples serve as a stark reminder of the risks involved in investing in unverified or hyped-up cryptocurrency projects.It's crucial to conduct thorough research and exercise caution before investing your hard-earned money.

Protecting Yourself from Crypto Scams: Practical Steps

While the cryptocurrency market can be a risky place, there are several steps you can take to protect yourself from scams:

Do Your Research: Before investing in any token, thoroughly research the project, the team, and the underlying technology. Blockchain security firm PeckShield has raised the red flag over dozens of what appear to be pump-and-dump tokens with the name BingChatGPT. Get access to our best features Get StartedRead the whitepaper, examine the smart contract code, and look for any red flags.
Invest Only What You Can Afford to Lose: The cryptocurrency market is highly volatile, and there is always a risk of losing your investment.Never invest more than you can comfortably afford to lose.
Be Skeptical of Hype: Don't let FOMO drive your investment decisions. At least one of the bad actors behind the tokens, Deployer 0xb583, is responsible for creating dozens of tokens with a pump dump scheme, said PeckShield. PeckShieldAlert PeckShield has detected dozens of newly created BingChatGPT tokens, of which 3 appear to be honeypots 2 have high sell tax. 2 of them have already droppedBe wary of tokens that are heavily promoted or promise unrealistic returns.
Use Reputable Exchanges: Stick to well-known and reputable cryptocurrency exchanges that have robust security measures in place.
Secure Your Wallet: Use a strong password and enable two-factor authentication to protect your cryptocurrency wallet from unauthorized access.
Diversify Your Portfolio: Don't put all your eggs in one basket.Diversify your cryptocurrency portfolio to spread your risk across multiple assets.
Use a Hardware Wallet: Consider using a hardware wallet to store your cryptocurrency offline.This provides an extra layer of security against hacking and theft.
Follow Security Experts: Stay informed about the latest scams and security threats by following reputable blockchain security firms like PeckShield on social media and other platforms.
Be Aware of Honeypots: Always check the smart contract of new tokens for potential honeypot mechanics.

Analyzing Smart Contracts: A Deeper Dive

Understanding smart contract code is crucial for identifying potential honeypots and other malicious code.While it may seem daunting, even a basic understanding can help you spot red flags.Here's what to look for:

Common Honeypot Techniques in Smart Contracts

Restricted Sell Function: The contract may restrict the ability to sell the token to specific addresses or under certain conditions.
High Sell Tax: The contract may impose an exorbitant tax on sales, making it unprofitable to sell the token.
Hidden Logic: The contract may contain hidden logic that allows the developers to manipulate the token's price or steal users' funds.
Approval Issues: A malicious contract may not properly handle token approvals, leaving users vulnerable to spending attacks.

Tools for Smart Contract Analysis

Etherscan: Etherscan is a blockchain explorer that allows you to view the source code of smart contracts and analyze their functionality.
Remix IDE: Remix is a browser-based IDE that allows you to compile, deploy, and debug smart contracts.
Mythril: Mythril is a security analysis tool that can automatically detect vulnerabilities in smart contracts.

It's important to remember that analyzing smart contracts can be complex, and it may require specialized knowledge.If you're not comfortable analyzing the code yourself, consider seeking assistance from a qualified blockchain security expert.

The Importance of Due Diligence in the Cryptocurrency Space

The case of the BingChatGPT pump-and-dump tokens underscores the importance of due diligence in the cryptocurrency space.With the rapid growth of the industry and the proliferation of new projects, it's becoming increasingly important to conduct thorough research and exercise caution before investing in any cryptocurrency.

Due diligence involves gathering and analyzing information about a project to assess its risks and potential rewards.This includes researching the team, the technology, the market, and the regulatory environment. BingChatGPT pump and dump tokens emerging by the dozen: PeckShield In recent months, a wave of pump and dump tokens has emerged on theBy conducting thorough due diligence, you can make more informed investment decisions and reduce your risk of falling victim to scams.

The Role of Security Firms Like PeckShield

Blockchain security firms like PeckShield play a vital role in protecting the cryptocurrency community from scams and security threats.These firms employ teams of security experts who monitor the blockchain for suspicious activity, analyze smart contracts for vulnerabilities, and provide security audits to cryptocurrency projects. In a Feb. 20 post, the firm revealed at least three BingChatGPT tokens appear to be part of honeypot schemes a smart contract that tricks a user into sending Ether (ETH), which theTheir work is essential in identifying and mitigating risks, and in helping to build a more secure and trustworthy cryptocurrency ecosystem.

What Does the Future Hold for AI-Related Crypto Tokens?

The integration of AI into various sectors, including cryptocurrency, is likely to continue to grow.While there are legitimate AI-powered crypto projects with the potential to revolutionize various industries, the risk of scams and fraudulent activity will also remain a concern.It is very likely that we will see more instances of AI-themed tokens being used in pump and dump schemes.

As the industry matures, it is crucial for investors to remain vigilant, conduct thorough research, and rely on reputable sources of information.By staying informed and exercising caution, investors can navigate the evolving landscape of AI-related crypto tokens and protect themselves from potential scams.

Frequently Asked Questions (FAQs)

What is a pump-and-dump scheme?

A pump-and-dump scheme is a form of securities fraud that involves artificially inflating the price of a stock or token through misleading positive statements and aggressive marketing. Blockchain security firm PeckShield on Twitter said it has found dozens of pump-and-dump tokens purporting to be related to ChatGPT. Blockchain security firm PeckShield has raised the alarm after finding dozens of tokens purporting to be related to artificial intelligence (AI) powered chatbot ChatGPT. In a Feb. 20 post, the firm revealed at least threeOnce the price has been pumped up, the scammers sell their holdings at a profit, leaving the remaining investors with a worthless asset.

What is a honeypot contract?

A honeypot contract is a type of smart contract that appears to be a legitimate token but is designed to trap unsuspecting investors.The contract is programmed in a way that allows users to buy the token but prevents them from selling it.

How can I identify a pump-and-dump scheme?

Look for red flags such as unrealistic promises, lack of transparency, anonymous developers, and rapid price increases.

How can I protect myself from crypto scams?

Do your research, invest only what you can afford to lose, be skeptical of hype, use reputable exchanges, secure your wallet, diversify your portfolio, and follow security experts.

What is the role of blockchain security firms like PeckShield?

Blockchain security firms monitor the blockchain for suspicious activity, analyze smart contracts for vulnerabilities, and provide security audits to cryptocurrency projects.

Conclusion: Stay Vigilant in the World of Crypto

The emergence of BingChatGPT pump and dump tokens serves as a cautionary tale about the risks associated with investing in hyped-up cryptocurrency projects. PeckShield, a blockchain security company, has issued a warning after discovering many tokens that claim to be associated with ChatGPT, an AI-powered chatbot. According to PeckShield, Deployer 0xb583 is at least one of the criminals behind the tokens and is in charge of producing dozens of tokens with a pump dump strategy.While the promise of AI integration is exciting, it's essential to remain vigilant and exercise caution. Blockchain security firm PeckShield raised the alarm after finding dozens of tokens allegedly related to chatbot ChatGPT BingChatGPT 'pump and dump' tokens are emerging by the dozen: PeckShield - CriptoBRAlways conduct thorough research, look for red flags, and never invest more than you can afford to lose.By staying informed and following the advice of security experts like PeckShield, you can protect yourself from scams and navigate the cryptocurrency market with greater confidence.

Key Takeaways:

BingChatGPT-themed tokens are being used in pump-and-dump schemes.
PeckShield has identified numerous potentially fraudulent tokens.
Honeypot contracts are designed to trap investors.
Due diligence is crucial for protecting yourself from crypto scams.
Stay informed and follow reputable security experts.

Before investing in any cryptocurrency, remember to do your own research and consult with a qualified financial advisor.And always remember, if something sounds too good to be true, it probably is.Consider reporting suspicious tokens to organizations like the SEC or CFTC.