A Twitter hashtag relating to a purported artificial intelligence crypto token called “CryptoGPT” has been trending on Twitter.
Alongside it, a number of very similar-looking Twitter accounts have also sprung up — some of which have been touting likely fake giveaways.
As of the time of writing, “Download CryptoGPT” was trending, with 6,185 tweets associated with it. GPT-4 (Generative Pre-trained Transformer 4), an unreleased neural network created by OpenAI, was also trending with 4,683 tweets.
Meanwhile, dozens of Twitter accounts sporting the name “CryptoGPT” can also be found on Twitter, with some offering likely fake giveaways or airdrops
Many of these accounts describe the purported project as allowing users to use blockchain to monetize their data with AI. The system is based on Ethereum and scales with a zero-knowledge rollup layer-2 network.
The project purportedly aims to attract decentralized application developers to build on its blockchain. CrypoGPT will offer its GPT tokens as payment for anonymous user data generated from the usage of these DApps.
Contrary to what its name may suggest, however, the project doesn’t appear to be directly related to the ChatGPT AI chatbot that has taken the internet by storm in recent months.
The crypto token also appears to have backing from certain crypto exchanges, at least from a listing perspective.
On March 8, Bitfinex announced it would list CryptoGPT’s native GPT token two days later, describing it as a project that aims to offer users an opportunity to earn crypto for sharing their anonymized data. Other exchanges that will reportedly list the GPT token include PancakeSwap, ByBit, Gate, MEXC and Bitget, among others.
Related: ChatGPT learns Bitcoin will end central banking and fiat currency
Earlier this year, blockchain analytics firm PeckShield warned its followers about dozens of alleged “pump & dump” tokens purporting to be related to ChatGPT and Bing AI.
#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
A pump-and-dump scheme typically involves the creators orchestrating a campaign of misleading statements and hype to persuade investors into purchasing tokens, then secretly selling their stake in the scheme when prices go up.