Scam Alert: Binance CEO Affirms No Link With AlphaGPT

Binance exchange's Chief Executive Officer Changpeng "CZ" Zhao has come out to denounce a project that has allegedly been tagging him in its promotions. Responding to an X user earlier, CZ noted that the first time he saw AlphaGPT was in a spam comment on the social media platform a day earlier.

I don’t know what AlphaGPT is. First saw it in a spam comment yesterday on Twitter. There seems to be many bots spamming through many accounts.

They just can’t stop talking about us. 🤷‍♂️😂 https://t.co/soLSY3qU1a

— CZ 🔶 Binance (@cz_binance) August 21, 2023

The Binance boss sounded as though the spamming of Binance and his account happens on a regular basis, as he noted that there have been many bots spamming through a lot of accounts with links to the exchange firm.

The AlphaGPT platform describes itself as the largest intelligent quantification company in the world. While the protocol appears new, it has grown its community to more than 73K followers on X, a sign that shows it is widely followed by degens. The spam links, however, spell another ideology about AlphaGPT as it shows the desperation that might water down most of its marketing efforts.

While AlphaGPT may not necessarily be a scam, per its offering, what it is being associated with might be considered brand impersonation. This tag is not uncommon in the broader Web3.0 ecosystem, where many new protocols are making their way into the industry and doggedly pursuing visibility across the board.

Fraud proliferation in Web3

Industry leaders are stepping up their game to call out fraudulent entities in the ecosystem in a bid to create awareness that can help protect users. A number of projects have recorded attacks on their profiles in the past few years, an attack that has also been experienced by two well-known personalities, including XRP holders' lawyer John Deaton.

Scams may not be going anywhere in the crypto ecosystem in the near term; however, the publicity and education, such as the denouncement by CZ, can go a long way in helping to minimize the impact across the board.