Hundreds of Fake ChatGPT Tokens Issued on BNB Chain and ETH as AI Popularity Surges

Illicit market participants are cashing in on the soaring popularity of ChatGPT by issuing fake tokens on several blockchains.

According to reports, no-gooders are taking advantage of the ongoing ChatGPT rave by issuing fake tokens. These malicious market participants have issued fake tokens branded after ChatGPT in the past few weeks. 132 of these bogus tokens saw issuance on the BNB Chain in that time, the most on one blockchain. Meanwhile, Ethereum (ETH) saw the fake distribution of 25 tokens, with Solana, Arbitrum, OKChain, and Cronos blockchains handling smaller token issuances.

Although none of these ChatGPT tokens have any association with the artificial intelligence chatbot tool, they are successfully luring crypto punters.

More on Issuances of Fake ChatGPT Tokens

The fake issuances come on the heels of Microsoft’s move towards a laudable ChatGPT functionality integration. The computer software giant recently integrated OpenAI’s search service-oriented chatbots on its own internet browsers – including Bing. At the time, Yusuf Mehdi, the Corporate Vice President and Consumer Chief Marketing Officer, commented on Microsoft’s new AI-powered search engine, saying:

“We think of it humbly as the next generation of search and browsing, infused with AI and assembled as an integrated experience; we’re going to re-imagine the search engine, the web browser, and new chat experiences into something we think of as your co-pilot for the web.”

Although OpenAI is the creator behind ChatGPT, Microsoft’s own chatbot is reportedly an improvement over the OpenAI initiative. Scammers hoping to monetize the hype surrounding the BingChatGPT have elicited large sums of money in trading volumes from users. Furthermore, several issued questionable tokens, seeded with liquidity, continue to enjoy popularity despite glaring caution.

As of press time, there were more than 170 ChatGPT-branded tokens issued on decentralized exchanges, including Uniswap and PancakeSwap. The most popular branded token has a market capitalization of more than $250 million, with $600,000 in liquidity. In addition, this token, issued on Ethereum, also has more than 300 unique holders. Meanwhile, a separate BNB Chain-variant has a market cap of $24 million and $246,000 in liquidity.

Bing AI Chatbot

Last week, Microsoft reportedly found early success with its AI search chatbot. The Microsoft Bing AI chatbot secured the approval of 71% of testers and improved user engagement across more than 150 countries. In addition, Microsoft revealed that users deployed the chat-ready Bing beyond specific queries. According to the multinational tech corporation, these searches covered broader and more general world discoveries and social entertainment.

Despite the early positive response to its Bing AI chatbot, Microsoft identified room for improvement. For instance, the company plans to increase the grounding data required for queries that demand high accuracy, including financial reports. In Microsoft’s opinion, increasing the model responsible for rendering answers could generate more enhanced results and overall output.

Microsoft also admitted that its chatbot could improve how it handles lengthier conversations. On conversations extending beyond 15 minutes, the leading computer software company said of Bing:

“Bing can become repetitive or be prompted/provoked to give responses that are not necessarily helpful or in line with our designed tone.”

Microsoft further welcomed feedback from early human interactions with its AI chatbot as opportunities to improve further.

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.