Emergence Of Rumored CryptoGPT Project As Pump-And-Dump Trending On Twitter

CryptoGPT is trending on Twitter. (photo: twitter @cryptoGPT_net)

JAKARTA - A hashtag on Twitter related to an artificial intelligence crypto token called "CryptoGPT" is trending on Twitter in the United States. Simultaneously, a number of very similar Twitter accounts also emerged. Some of them have even promoted a possibly fake giveaway.

At the time of writing, "Download CryptoGPT" was trending, with 6,185 related tweets. GPT-4 (Generative Pre-trained Transformer 4), an unreleased artificial neural network created by OpenAI, is also trending with 4,683 tweets.

Meanwhile, dozens of Twitter accounts with the name "CryptoGPT" can be found on Twitter, with some offering possibly bogus giveaways or airdrops.

Many of these accounts describe projects that claim to enable users to use blockchain to monetize their data with artificial intelligence. The system is based on Ethereum and adopts a zero-knowledge rollup layer-2 network layer.

The project is claimed to aim to attract decentralized application developers to build on their blockchain. CrypoGPT will offer its GPT tokens as payment for anonymous user data generated from using those DApps.

However, despite the name of the project, it doesn't appear to be directly related to the ChatGPT AI chatbot which is popular these days.

The crypto token also seems to be backed by several crypto exchanges, at least from a supply perspective. On March 8, Bitfinex announced it would list the native GPT token from CryptoGPT two days later, describing it as a project that aims to offer users the opportunity to earn crypto by anonymously sharing their data. Other exchanges that will reportedly list GPT tokens include PancakeSwap, ByBit, Gate, MEXC, and Bitget, among others.

Earlier this year, blockchain analytics firm PeckShield warned its followers about dozens of "pump & dump" tokens allegedly linked to ChatGPT and Bing AI.

Pump-and-dump schemes typically involve creators coordinating hyper- and misleading campaigns to convince investors to buy tokens, then secretly sell their stake in the scheme when the price goes up.