Yet another ChatGPT-inspired cryptocurrency is leaving the market after a 98% meltdown in a matter of hours, from $0.000046 to $0.0000008. According to a security firm investigating the case, a suspicious movement occurred in the wallet of the token’s creator.
It all started with the arrival of BlockGPT (BGPT), an innovative cryptocurrency. Created as a token on the BSC Chain network, its creator issued 100,000,000,000 BGPT to investors to purchase the asset.
However, last Tuesday (30), the creator of the project took 816 BNB from the main wallet. That is, BRL 1.2 million in BNB was taken by the creator of the ChatGPT-inspired coin, quickly ruining yet another project.
Transactions accompany amounts stolen by ChatGPT-inspired cryptocurrency that melted 98% in a matter of hours
BGPT came into existence on May 25, 2023, operating practically under the radar of most cryptocurrency investors. This is because the project, as a new token, had not yet gained wide exposure and had not even been listed on exchanges.
As a memecoin, however, it caught the interest of some high-risk investors who believed in the project and even bought units of the new currency. In the past 24 hours, the price has practically melted everything and the project is another dead one.
And it all happened after a transaction with the contract maker moved the money to BNB, attracting investors.
According to the security firm Peckshield, which oversees transactions in the case, the scammer made more than $256,000 in profit. In addition, the scam creator sent values to the Tornado Cash mixer to make it difficult for victims to keep track of values.
#PeckShieldAlert Resembling @BlockGPT_BSC robust ~ 816 $BNB (~$256K), $BGPT is down -52% in the last hour. ~800 $BNB has already been transferred to Tornado Cashhttps://t.co/T3J9IYn0Ul pic.twitter.com/j7ehGbOrtb
— PeckShieldAlert (@PeckShieldAlert) May 30, 2023
New cryptocurrencies, opportunity or pitfall?
When new cryptocurrencies appear on the market, they promise innovations and some even claim that they are better than bitcoin in their technology. But for those who venture into the promises, the trail of damage becomes painful.
In recent months, internet scammers have taken advantage of the new wave of interest in memecoins and associated with ChatGPT to create new tokens on networks such as Ethereum and BSC Chain, for example. Thus, countless tokens appear daily without any basis, just to steal from unsuspecting victims in search of quick and easy profits.
It is worth remembering that the cryptocurrency market, especially altcoins, carries a high risk of financial loss and many view the space as a gambling environment. With this, when learning about new projects, novice investors should redouble their attention to false promises and the hope of easy profits, which usually end in the worst way.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
