2 years ago
Blockworks co-founder Jason Yanowitz said helium wouldn’t interaction CryptoGPT with a 10-foot rod — going arsenic acold arsenic calling the task “an outright scam.”
In a thread detailing his research, Yanowitz raised respective reddish flags — including discrepancies astir cardinal unit and rumors astir pb capitalist DWF Labs.
CryptoGPT wins strategical funding
On April 10, CryptoGPT announced acquiring a $250 cardinal institution valuation — starring to a $10 cardinal strategical concern from DWF Labs.
The steadfast said it intends to usage the wealth to further make its AI Web3 exertion and grow into the Asian market.
CryptoGPT positions itself arsenic an AI-driven exertion designed for retail users to monetize their data, thereby reducing the power of Web2 giants similar Google and Meta.
Moreover, they expect AI proliferation to pb to information becoming much invaluable — arsenic high-quality information is needed to bid AI algorithms.
The DWF Labs backing took the terms of GPT to arsenic precocious arsenic $0.07532 yesterday — marking a year-to-date summation of 63%. However, adjacent astatine yesterday’s high, the token is importantly beneath its year-to-date highest of $0.1446, achieved connected March 17.
Red flags
Yanowitz said it was “absurd” that CryptoGPT has 2 cardinal users, considering the level launched “a fewer months ago.” He besides criticized the project’s dense usage of buzzwords, specified arsenic “AI assistant,” “ZK rollup furniture 2 blockchain,” and “data-to-AI engine.”
Likewise, Yanowitz drew objection to utilizing YouTube influencers to marketplace the project. While besides saying its 2nd token, DXP, “isn’t adjacent a token” yet.
Additionally, determination is interest astir the company’s cardinal personnel. It was pointed retired that CEO and laminitis Jamila Jelani was aboriginal listed arsenic a Marketer connected the tract but has since been removed altogether.
Similarly, CTO Dejan Erja claims to person worked astatine Ripple, yet Yanowitz could not verify that information. He besides doubted whether Ecosystem Lead Art Bagdonas is simply a existent person.
Linking @nay_gmy’s investigation connected DWF Labs, Yanowitz said helium doesn’t cognize overmuch astir the marketplace marker. But rumors astir the institution rise suspicions.
@nay_gmy pointed retired respective inconsistencies betwixt reported investments and on-chain data. He said a imaginable mentation could beryllium that DWF Labs is selling tokens connected behalf of teams and incorrectly calling those transactions strategical partnerships oregon investments.
“I conjecture 1 mentation is that they merchantability tokens connected behalf of teams for not little than $x and nonstop wealth upfront, pocketing delta. Many deals person 10-20% discounts, but immoderate person none.“
The station Blockworks co-founder says helium wouldn’t interaction CryptoGPT with 10-foot pole appeared archetypal connected CryptoSlate.
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