CryptoGPT trends on Twitter as many fake accounts emerge to try and take advantage of the trending crypto.
A new Twitter trend has emerged, with many users posting about a purported AI crypto token called “CryptoGPT.” The trend has led to the creation of multiple Twitter accounts with names similar to “CryptoGPT.” Some of these accounts have promoted fake giveaways.
At the time of writing, the hashtag “Download CryptoGPT” has over 6,000 tweets associated with it. In addition, GPT-4, an unreleased neural network developed by OpenAI, has also been trending on Twitter with 4,683 tweets.
Numerous Twitter accounts using the name “CryptoGPT” have appeared, with some offering fake giveaways or airdrops. According to these accounts, the project aims to help users monetize their data with AI by using blockchain technology. The platform operates on Ethereum and uses a zero-knowledge rollup layer-2 network for scalability. Decentralized application developers are expected to build on the blockchain. In exchange for anonymized user data generated from the use of these DApps, GPT tokens will be given as payment.
Despite its name, the project does not appear to be directly linked to the ChatGPT AI chatbot, which has recently gained popularity. Several cryptocurrency exchanges, including Bitfinex, PancakeSwap, ByBit, Gate, MEXC, and Bitget, are reportedly backing the GPT token.
Is CryptoGPT Legit?
However, the project has been accused of being a “pump and dump” scheme. Earlier this year, blockchain analytics company PeckShield warned its followers of several tokens claiming to be associated with ChatGPT and Bing AI, which were also suspected of being pump-and-dump schemes.
#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 dropped over -99%.
Deployer 0xb583 has already created dozens of tokens with a pump & dump scheme #AI #ChatGPT pic.twitter.com/merQikuslk
— PeckShieldAlert (@PeckShieldAlert) February 20, 2023
In this type of scam, the creators deceive investors by making false statements and creating hype to encourage them to buy tokens. Then, they sell their stake in the project when prices rise, leaving investors with worthless tokens.
Users of social media must be careful when engaging with new cryptocurrency projects, especially when they claim to offer giveaways or airdrops. It is critical to perform thorough research before investing in any project, and users should be cautious of any offers that seem too good to be true.
On the other hand, many believe that CryptoGPT is legit. Some even suggest that it could surpass $1 in the long run. Currently, CryptoGPT has a price of $0.05.
Whether this cryptocurrency is legit, remains to be seen. Nonetheless, investors must do research and be careful with regard to the cryptos they decide to invest in.