April 02, 2024
By Anjali Kochhar
A recent report from Times of India has shed light on a concerning trend in the cryptocurrency world – the rise of the ChatGPT crypto scam. This scam has been making waves online, targeting unsuspecting individuals with promises of easy money-making opportunities tied to ChatGPT, a renowned large language model. However, behind these enticing offers lies a deceptive scheme aimed at tricking people into sending their hard-earned crypto funds to scammers.
The ChatGPT crypto scam operates through various deceptive tactics, exploiting both the credibility of ChatGPT and the allure of cryptocurrency. One of the key methods used by scammers is misusing the AI credibility of ChatGPT, which is known for its ability to generate realistic and coherent text. By leveraging ChatGPT’s reputation, scammers create a facade of legitimacy, making their schemes appear more trustworthy to potential victims.
One of the primary channels through which the ChatGPT crypto scam is propagated is deceptive YouTube ads. These ads often promote “ChatGPT bots” or “crypto slippages” that promise easy profits without requiring genuine coding skills. To add an air of authenticity, these ads may feature actors reading scripts generated by AI, further convincing viewers of the legitimacy of the offer. However, behind the enticing promises lies a trap designed to lure unsuspecting individuals into investing their crypto assets.
The scripts used in these deceptive ads often play a dual role. While they may initially warn viewers about prevalent crypto scams, they quickly transition into offering “risk-free” methods of earning money using code or bots supposedly powered by ChatGPT. This bait-and-switch tactic preys on the desire for quick and effortless wealth, ultimately leading victims to make investments that result in financial losses.
Another insidious aspect of the ChatGPT crypto scam involves the use of hidden malicious code. The code provided in these schemes, which may seem harmless at first glance, can contain hidden instructions that redirect a victim’s crypto wallet address to a wallet controlled by the scammers. This stealthy manoeuvre allows scammers to siphon off funds without the victim’s knowledge or consent.
To protect yourself from falling victim to the ChatGPT crypto scam and similar schemes, it’s essential to exercise caution and adopt best practices:
1. Be Wary of “Free Money” Promises: If an offer sounds too good to be true, it likely is. Legitimate investment opportunities require thorough research and carry a level of inherent risk.
2. Double-Check Code and Links: Never enter your crypto wallet address or connect your wallet to unknown platforms or code snippets without verifying their legitimacy.
3. Trust Official Sources: When seeking information about cryptocurrency or investment opportunities, rely on reputable sources such as established financial institutions or recognised crypto exchanges. Avoid falling for offers that promise unrealistic returns or require immediate action without proper due diligence.
By staying vigilant and informed, you can safeguard yourself against the deceptive tactics of the ChatGPT crypto scam and protect your crypto assets from falling into the wrong hands.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
