ChainGPT Fake Token Rug Pull
Notice: This page is a freshly imported case study from an original repository. While the original content had a similar format, some sections may not have been fully completed. Please help fill in any empty sections or any missing information you can find. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.
Notice: This page contains sources which are not attributed to any text. The unattributed sources follow the initial description. Please assist by visiting each source, reviewing the content, and placing that reference next to any text it can be used to support. Feel free to add any information that you come across which isn't present already. Sources which don't contain any relevant information can be removed. Broken links can be replaced with versions from the Internet Archive. See General Tutorial on Wikis, Anatomy of a Case Study, and/or Citing Your Sources Guide for additional information. Thanks for your help!
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.[1][2][3][4][5][6][7][8]
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.
| 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
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ SlowMist Hacked - SlowMist Zone (Accessed Jun 25, 2024)
- ↑ https://www.dextools.io/app/cn/bnb/pair-explorer/0x31bc199b81614a5a85e11b10c4224d39775ffdeb (Accessed Jun 25, 2024)
- ↑ BNB Smart Chain Transaction Hash (Txhash) Details | BscScan (Accessed Jun 25, 2024)
- ↑ ChainGPT price today, CGPT to USD live price, marketcap and chart | CoinMarketCap (Accessed Jun 25, 2024)
- ↑ ChainGPT - Unleash The Power of Blockchain AI (Accessed Jun 25, 2024)
- ↑ Introduction | ChainGPT Documentation (Accessed Jun 25, 2024)
- ↑ https://www.coingecko.com/en/coins/chaingpt (Accessed Jun 25, 2024)
- ↑ BNB Smart Chain Transaction Hash (Txhash) Details | BscScan (Accessed Jun 25, 2024)