Did CryptoGPT Raise $10 Million For A ChatGPT Knockoff?

CryptoGPT, a zero-knowledge (ZK) layer 2 blockchain, has raised $10 million in funding, capitalizing on the recent rise in interest in artificial intelligence (AI).

According to a release, the Series A round, led by market maker DWF Labs – which has emerged as one of the most active investors during the crypto bear market – valued the AI-focused blockchain at $250 million.

CryptoGPT recently launched “Alex,” a Web3-focused AI assistant, and is working on its ZK rollup layer 2 blockchain and a data-to-AI engine, which collects, encrypts, and transfers data for commercial applications.

“Instead of applying ZK technology to payments, CryptoGPT integrates it for private data transfers,” CryptoGPT said in the statement on Monday.

The overarching goal of CryptoGPT is to enable users to earn money by selling their data on fitness, dating, gaming, and education. It also intends to issue non-fungible tokens (NFT), which will store the owner’s activity data.

According to CoinMarketCap data, CryptoGPT’s native token GPT, which was released in early March of this year, has a market valuation of slightly over $12 million at the time of writing.

What is in an Alex?

However, Twitter user @zachxbt posted a screenshot of a conversation with Alex in which the AI application admitted that it is developed by OpenAI, which developed ChatGPT.

Further down the conversation, Alex seems to be aware that “that there are several websites and forums reporting that Crypto GPT is a scam.”

“Users have reported that they did not receive payment after completing tasks, and the website is not transparent about their payment methods or who is behind the platform,” Alex replied to the question of whether CryptoGPT is a scam. “It is recommended to be cautious and do thorough research before investing time or money in CryptoGPT.”

The firm, currently valued at $250 million post financing, seems to have had a rushed start. ZachXBT further highlighted that CryptoGPT registered its domain and Twitter account just this year, immediately launched its token afterwards, and insider-owned tokens have early unlocks.

In just a span of few months, CryptoGPT claims that the blockchain recently amassed 2 million users, “most of any blockchain in web3 history.” In comparison, ChatGPT gained one million users just five days after launching in November of last year, according to its data.

Information for this briefing was found via Coindesk and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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