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According to reports from the Slow Fog Zone, a token named GPT recently appeared on the BSC chain with a contract address of 0x513C285CD76884acC377a63DC63A4e83D7D21fb5. When a user approves the token, the wallet will increase the gas limit based on the balance, and the token contract will use the user’s gas to mint CHI tokens. When the contract collects enough CHI tokens, the manager of the malicious token contract can obtain the gas compensation returned when the contract is destroyed by burning the CHI token.

Security team: Please carefully check the gas limit of the transaction when approving tokens from unknown sources

1. Introduction
2. What is GPT Token?
3. How GPT Token Works?
4. Risks Associated with GPT Token
5. How to Protect Yourself from GPT Token Scam?
6. Conclusion
7. FAQs
# According to reports from the Slow Fog Zone, a token named GPT recently appeared on the BSC chain with a contract address of 0x513C285CD76884acC377a63DC63A4e83D7D21fb5.
The world of cryptocurrency is full of surprises, and unfortunately, not all of them are pleasant. Reports have emerged from the Slow Fog Zone that a new token named GPT has appeared on the Binance Smart Chain (BSC), which has raised concerns among investors and traders. In this article, we will discuss what GPT token is, how it works, associated risks, and how to protect yourself from this potential scam.

What is GPT Token?

GPT is a new token that has surfaced on the Binance Smart Chain (BSC). When users approve the token, the wallet will increase the gas limit based on the balance, and the token contract will use the user’s gas to mint CHI tokens. The contract will then collect enough CHI tokens, and the manager of the malicious token contract can obtain the gas compensation returned when the contract is destroyed by burning the CHI token.

How GPT Token Works?

The GPT token is a malicious contract created to steal gas payments from users. Gas is a limited resource in the Binance Smart Chain. GPT token scams users into approving the contract to increase their gas limit. Once approved, GPT token uses the user’s gas to mint CHI tokens. These tokens are then used to burn contracts, and the manager of the token contract can obtain a gas compensation that is much higher than the initial gas fee. The result is that the user loses all their gas funding, and the GPT token contract owners gain gas compensation by burning the CHI tokens.

Risks Associated with GPT Token

There are several risks associated with the GPT token. Firstly, the token has no real value and is created only for scamming purposes. Secondly, once users approve the token, their gas funding is at risk, and they can lose their entire funding. Thirdly, the token contract owners can gain immense profits by burning CHI tokens, which may not be returned to the user.

How to Protect Yourself from GPT Token Scam?

There are several ways to protect yourself from the GPT token scam. Firstly, always do your research before investing in a new cryptocurrency or token. Look for reviews and opinions from other users, and check the token’s website and social media presence. Secondly, be cautious while approving any token, and always check the token’s smart contract address. Thirdly, use secure wallets that allow you to control and manage your gas funding.

Conclusion

The GPT token is an example of the numerous scams that exist in the world of cryptocurrency. It is essential to stay updated and informed about such scams to protect yourself from potential losses. Be vigilant while investing in new tokens, and always do thorough research before investing. Use secure wallets that give you control of your funds, and always be cautious while approving any token.

FAQs

Q1. What is a gas limit in the Binance Smart Chain?
A1. The gas limit is the maximum number of computational operations that a transaction is allowed to perform on the Binance Smart Chain.
Q2. Can the GPT token be reversed or retrieved once approved?
A2. No, once the user approves the GPT token, their gas funding is at risk, and they may lose their entire funding.
Q3. What should investors do if they have already approved the GPT token?
A3. Investors who have already approved the GPT token should immediately remove the approval and transfer their funds to a secure wallet.