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AI-themed project riding ChatGPT wave steals over $1M from users

Surfing the buzz generated from the release of ChatGPT-4, a digital currency project has reportedly fleeced over $1 million from hundreds of unsuspecting investors.

Onchain security firm CertiK disclosed that the AI-backed Harvest Keeper project was one big scam. According to the disclosure, CertiK confirmed that the platform had stolen over $933,000 worth of digital assets from users, while around $219,000 worth of assets has been lost to ice phishing transactions across Ethereum and Polygon.

CertiK added that the Harvest Keeper’s smart contract was drained through the use of a “privileged getAmout function” that triggered the transfer of over 709,000 USDT. CertiK and other Web3 security firms are keeping an eye on the movement of funds, with users urged not to interact with the project.

Users have also been asked to revoke all permissions given to Harvest Keeper’s smart contracts to prevent any ice phishing scenarios. Ice phishing attacks occur when users are misled into approving permission which bad actors leverage to drain their funds.

Harvest Keeper lured users to the project with the promise of receiving guaranteed returns on investments through the use of AI in the trading process. Users were promised 101% returns on their investment within 21 days, with the additional perk of earning an extra 8% via referrals.

Harvest Keeper managed to garner up to 30,000 followers on its Twitter handle while its official telegram boasts over 32,000 followers. Since the revelation that the project is one big scam, victims have taken to Twitter to express their angst, urging authorities to quickly retrieve the funds, with some asking Binance founder Changpeng Zhao for help.

Presently, a litany of similar AI-backed projects in the ‘cryptoverse’ offer giveaways and airdrops to lure in users. Last week, one such project dubbed “CryptoGPT” appeared on the trending table, leading to several security firms warning investors of the potential of a rug pull.

Developers remain unfazed by ChatGPT-4’s capabilities

As OpenAI launched ChatGPT-4, on-chain developers have noted the immense capability of the project to identify smart contract vulnerabilities on Ethereum, sparking concerns developers could be made redundant.

However, some developers have noted that auditors have nothing to worry about because, despite ChatGPT’s deep knowledge, there is still the need for human input. The developers say the AI project will assist in the smart contract auditing process, making it a symbiotic relationship for all parties involved.

“I’m really in favor of ChatGPT. For it to replace you, you have to communicate requirements that are not possible in native English. That’s why we invented programming languages,” blockchain developer Syed Ghazanfer told one news outlet.

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