What’s the Buzz About BlockGPT?
On May 11, BlockGPT made waves with its ambitious announcement of a ‘chat to earn’ AI service that promised to whip up a decentralized chatbot akin to the famed ChatGPT by OpenAI. Things were looking rosy for this Web3 newcomer, claiming to tokenize engagement and give users an opportunity to make a buck or two while chatting. Spoiler alert: the plot has thickened.
The Token Wonderland
BlockGPT introduced two tokens to its eager audience: the governance token BGPT and the oh-so-memeable AIBGPT. Both tokens were set to trade on PancakeSwap, a popular decentralized exchange allowing BEP-20 tokens to swashbuckle through the digital marketplace. The talk was all about a unique ‘chat to earn’ reward system where users could earn NFTs for their chitchats. If only reality were as sweet!
White Paper Woes
Now, if you’ve ever read a white paper, you know it’s usually filled with technical jargon and profound insights. But the BlockGPT white paper? Well, it came with more questions than answers. While boasting about using over six Generative Pre-trained Transformers (GPT) on its platform, it left out critical details like the data’s size or the number of parameters. Just one of those things that leave potential users scratching their heads and saying, “That’s nice, but what does it actually do?”
Competition & Context
The arrival of BlockGPT was interwoven with a booming AI landscape, where the likes of memecoins and chatbots were hogging the limelight. With names like Dogecoin and Google’s Bard also battling for attention, finding a place in the fray was no small feat.
Update: A Cautionary Tale?
Fast forward to June 1, and suspicions have riled some avid crypto-watchers. Emerging information from various ethers suggests that BlockGPT might be hiding more than just a cheeky chatbot. Credible reports signal a potential rug pull, with claims that around 816 BNB (approximately $256K) have been funneled into a suspicious black hole (Tornado Cash). Ouch!
“It seems a series of alerts quickly dished out a not-so-happy ending for investors.”
What the Experts Are Saying
Security monitoring from various platforms indicated the project’s deepening scandal—overwhelming evidence suggests a sizeable exit scam is afoot. Users piecing the facts together found their tokens’ values plummeting down faster than a hot potato. And if the whispers turn into loud proclamations, investors may be facing the music.
Final Reflections
As this amusing yet alarming drama unfolds, one can’t help but see BlockGPT as a testament to the wild-west nature of Web3. While some may call it innovation, others might just call it a wild ride. Remember, if it sounds too good to be true, it might just be a chatbot with an ulterior motive!
