Newly Created BingChatGPT Tokens Show Signs of Honeypot Scams

02/20/2023 11:55 • Blockchain Briefs • 93 views

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

Analysis based on this information:

According to PeckShield monitoring data, there have been dozens of newly created BingChatGPT tokens, with three of them appearing to be honeypot scams. Additionally, two of these tokens have already fallen by more than 99%. The deployment of these tokens is attributed to a deployer identified as 0xb583, who appears to have created several tokens using the pull-up shipment scheme.

The BingChatGPT token is a digital asset built on the Ethereum network, and it is being marketed as one that will provide users with significant returns. However, the recent monitoring data reveals that the token’s deployment strategy is quite concerning.

The pull-up shipment scheme generally involves creating a large number of tokens and setting an initial high value for them, thus creating the illusion of demand. Investors may see this as an opportunity for a strong return on investment and invest their funds in the token without thoroughly researching its true value.

The data shows that the deployer of these tokens, 0xb583, has created several tokens using this strategy, and in many cases, these tokens are inflated through manipulative tactics. For example, it is common to see fake trades and market manipulation to pump the prices of these tokens. Once the prices are sufficiently inflated, the project founders, often anonymous, dump or sell their tokens, which causes the price to decrease significantly.

The recent data reflects that three of the newly created BingChatGPT tokens have shown signs of honeypot scams. A honeypot scam is where an attacker creates a fake token and lures investors into investing their funds. Usually, the attacker promises high returns that are unrealistic, and because the token is fake, investors lose their funds. Two of the tokens subject to honeypot scams have already experienced price depreciation of more than 99%.

In conclusion, despite the high hopes of the BingChatGPT token, the token deployment strategy seems to be heading towards a scam. With several newly created tokens showing signs of honeypot scams, potential investors must be vigilant and research all aspects of their investment before putting money into these digital assets. The key takeaway from this report is that caution is necessary in the current crypto market, as several not-so-legitimate tokens are emerging, so due diligence is crucial.

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Newly Created BingChatGPT Tokens Show Signs of Honeypot Scams

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

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