3/31/2023 0 Comments Legends tokens"On the one hand, no one needs to allow activity, which potentially allows accessibility and more open financial services," Arad says. This means anyone can issue any token (using any name) to users on the platform without needing to be granted permission from an administrator or moderator. Scam crypto tokens are commonly deployed on "permissionless blockchains" also known as public blockchains, says Chen Arad, chief operating officer at Solidus Labs, a cryptocurrency risk monitoring and market surveillance company. "These things move so fast, by the time a lawyer's letter reaches the right people, the people behind the tokens have likely moved on to something else," James Ledbetter, editor and publisher of fintech newsletter " FIN", tells CNBC Make It. Legally, fraudsters aren't allowed to name their token after ChatGPT, Bing or any other trademarked name without being affiliated with those companies, but it's difficult to crack down on the practice. The firm has identified at least one of those digital coins as having been created by a user notorious for "pump and dump" crypto schemes. Peckshield, a blockchain security firm, detected dozens of newly created "BingChatGPT" tokens, the company said in a tweet on Feb. Traders, on the other hand, are left with a coin that is rapidly decreasing in value due to the increased supply. When the price reaches a certain level, the scammer then floods the market by selling their portion of the coin at the inflated price and rakes in the profit. They then promote the coin and convince investors to pour money into it in order to drive the price higher. Turns out, these digital coins aren't actually associated with the viral AI tools and many could be "pump and dump" schemes meant to dupe investors.Ī "pump and dump" scheme, also known as a "rug pull," happens when scammers generate a lot of interest in a particular coin that's trading for a low price. However, Microsoft nor OpenAI, the developer of ChatGPT, have announced an official launch into cryptocurrency.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |