Azoundria: Created page with "{{Imported Case Study With About|source=https://www.quadrigainitiative.com/casestudy/chaingptfaketokenrugpull.php}} {{Unattributed Sources}} ChainGPT Logo/HomepageChainGPT offers a suite of tools related to AI, such as an AI chat bot, NFT art image generation, automatic news generation, smart contract auditing, technical analysis for trading, and more. Someone created a token named CGPT, not connected to the official ChainGPT, and was able to..."

2024-09-18T20:59:55Z

Created page with "{{Imported Case Study With About|source=https://www.quadrigainitiative.com/casestudy/chaingptfaketokenrugpull.php}} {{Unattributed Sources}} thumb|ChainGPT Logo/HomepageChainGPT offers a suite of tools related to AI, such as an AI chat bot, NFT art image generation, automatic news generation, smart contract auditing, technical analysis for trading, and more. Someone created a token named CGPT, not connected to the official ChainGPT, and was able to..."

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{{Imported Case Study With About|source=https://www.quadrigainitiative.com/casestudy/chaingptfaketokenrugpull.php}}
{{Unattributed Sources}}

[[File:Chaingpt.jpg|thumb|ChainGPT Logo/Homepage]]ChainGPT offers a suite of tools related to AI, such as an AI chat bot, NFT art image generation, automatic news generation, smart contract auditing, technical analysis for trading, and more. Someone created a token named CGPT, not connected to the official ChainGPT, and was able to convince many investors to buy the token. Once they had the liquidity built up, they quickly minted and sold a large number of their new CGPT tokens. It is unlikely that any funds will be recoverable.<ref name="slowmisthackedarchive-14420" /><ref name="dextools-14421" /><ref name="bscscan-14422" /><ref name="coinmarketcap-14423" /><ref name="chaingpt-14424" /><ref name="chaingptdocs-14425" /><ref name="coingecko-14426" /><ref name="bscscan-14427" />

== About ChainGPT ==
"ChainGPT is an advanced AI infrastructure that develops AI-powered technologies for the Web3, Blockchain, and Crypto space. We aim to improve the Web3 space for retail users & startups by developing AI-powered solutions designed explicitly for Web3. From LLMs to Web3 AI Tools, ChainGPT is the go-to place to boost your Web3 flow with Artificial Intelligence."

"Reliable & Fast Source of Information. Ask ChainGPT Al any question related to Blockchain and Crypto. The AI can answer general and technical questions."

"The future of Web3 news is here. Our advanced AI model scans the web and curates short articles on trending topics every 60 minutes, informing you effortlessly."

"Generate or audit a Solidity smart contract. Describe the contract you want to create or paste the code to be audited, and our AI will handle the rest."

"AI-Generated NFTs are non-fungible tokens created based on user prompts using AI-powered algorithms. Within 30-60 seconds, anyone can deploy their NFTs on the Blockchain."

"We created an advanced AI model designed explicitly for Chart & Technical analysis to help experienced and new traders with strategies and implementation of technical analysis."

"The solutions developed by ChainGPT are tailored for retail users and enterprises. ChainGPT believes in developing open technologies and does not gate-keep the LLMs & applications developed by ChainGPT from other Web3 companies. Everyone is welcome to access ChainGPT's API & SDKs."

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - ChainGPT Fake Token Rug Pull
!Date
!Event
!Description
|-
|June 18th, 2024 9:15:47 PM MDT
|Fake Token Launch
|The fake CGPT token is launched with a new smart contract.
|-
|June 20th, 2024 10:03:20 PM MDT
|Blockchain Transaction
|The fake ChainGPT (CGPT) token trading pair experiences a rug pull, with 13,682,104,937,658.468424249706970323 CGPT being swapped for 33.087518900390740559 wrapped BNB.
|-
|June 24th, 2024 4:28:12 AM MDT
|SlowMist Analysis
|SlowMist is analyzing the trading pair on DexTools.
|}

== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

== Total Amount Lost ==
$20k ($19,550)

The total amount lost has been estimated at $20,000 USD.

== Immediate Reactions ==
"The Fake CGPT on BNBChain is suspected of a rug pull, and the current token price has dropped by 100%."

"Be aware of this token! Team of this token has sold at least 33.088 BNB."

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="slowmisthackedarchive-14420">[https://web.archive.org/web/20240624184511/https://hacked.slowmist.io/ SlowMist Hacked - SlowMist Zone] (Accessed Jun 25, 2024)</ref>

<ref name="dextools-14421">[https://www.dextools.io/app/cn/bnb/pair-explorer/0x31bc199b81614a5a85e11b10c4224d39775ffdeb https://www.dextools.io/app/cn/bnb/pair-explorer/0x31bc199b81614a5a85e11b10c4224d39775ffdeb] (Accessed Jun 25, 2024)</ref>

<ref name="bscscan-14422">[https://bscscan.com/tx/0x4a78cb1d00ed0fff5a334ab7ddc63d390591b9371e9afa56d0b0643138de9bb5 BNB Smart Chain Transaction Hash (Txhash) Details | BscScan] (Accessed Jun 25, 2024)</ref>

<ref name="coinmarketcap-14423">[https://coinmarketcap.com/currencies/chaingpt/ ChainGPT price today, CGPT to USD live price, marketcap and chart | CoinMarketCap] (Accessed Jun 25, 2024)</ref>

<ref name="chaingpt-14424">[https://www.chaingpt.org/ ChainGPT - Unleash The Power of Blockchain AI] (Accessed Jun 25, 2024)</ref>

<ref name="chaingptdocs-14425">[https://docs.chaingpt.org/ Introduction | ChainGPT Documentation] (Accessed Jun 25, 2024)</ref>

<ref name="coingecko-14426">[https://www.coingecko.com/en/coins/chaingpt https://www.coingecko.com/en/coins/chaingpt] (Accessed Jun 25, 2024)</ref>

<ref name="bscscan-14427">[https://bscscan.com/tx/0xd5967aca8972c6027ff317baced5b06265be4790a0c5c2389d0937628cabf666 BNB Smart Chain Transaction Hash (Txhash) Details | BscScan] (Accessed Jun 25, 2024)</ref></references>

ChainGPT Fake Token Rug Pull - Revision history