Bloomberg faces criticism over paid promotion of scam crypto project “BlockGPT”

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The BlockGPT crypto project raised  $256,000 via pre-sales of the token, while security firms reported that BlockGPT is a scam project.

Earlier this month BlockGPT promoted itself as a new AI focussed crypto project through a press release via Globenewswire. That PR was further covered by Bloomberg. The article about BlockGPT on the Bloomberg website failed to mention whether it was a paid promotion or not & also failed to warn people to remain aware of their investment in this project. 

The majority of the experts alleged that the article about BlockGPT on Bloomberg was basically a paid article & covered by Bloomberg writer wisely, to hide BlockGPT’s paid promotion strategy.

On 30 May, Crypto security firm Certik shared its investigation on this crypto project and labelled BlockGPT as a scam project. 

Further crypto analytic platform Peckshield also reported that BlockGPT is not more than a scam crypto project.

Nearly 816 BNB coins were raised by BlockGPT through presale & further, they transferred that raised funds to the popular crypto mixing platform Tornado Cash, which was banned by the US OFAC agency in 2022. 

The current trade price of this token is 51% high than the last 24 hours’ trade price. 

While the 24-hour trade volume of this token is only $19. This means this token is not more than a scam. 

Read also: Binance will not jump in the Bitcoin mining business

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