Known scammer linked to memecoin named after Musk’s Grok chatbot, token dumps

GROK, a suspicious AI chatbot-inspired memecoin, has seen its worth plummet by much than 50% aft reports emerged that its developer was linked to a past crypto scam.

The memecoin is named aft Elon Musk’s Grok xAI chatbot service, which was launched earlier successful the month. The logo for the token, according to CoinMarketCap, looks questioningly similar the caller X logo. However, that is wherever the similarity ends, arsenic the token is wholly unrelated to the Musk-led company.

Last week, CryptoSlate reported that Musk said nary of his companies, including xAI, Tesla, and societal media level X, would ever contented a cryptocurrency token.

ZachXBT reveals GROK developer’s shady past.

On-chain sleuth ZachXBT revealed that GROK’s developer is simply a scammer who has reused the nonstop X/Twitter relationship of the task for astatine slightest 1 different scam. He said:

“Not that radical successful this abstraction volition attraction but @GROKERC20 $GROK was created by a scammer. Same nonstop X/Twitter relationship has been reused for astatine slightest 1 different scam.”

Screenshots shared by ZachXBT displayed the developer’s erstwhile issuance of an ANDY token, which nary longer exists, and highlighted aggregate changes successful the developer’s Telegram handle.

After ZachXBT’s disclosure, the token experienced a important driblet successful worth amid a important summation successful its trading volumes, according to data from Coingecko.

For context, crypto expert Lookonchain reported that an code sold 27.32 cardinal GROK for 212 ETH 2 hours earlier ZachXBT made his reveal. Shortly afterward, the aforesaid code bought backmost 16.3 cardinal GROK astatine a reduced terms of 80 ETH, valued astatine $164,000.

The task has since attempted to regain nationalist trust, with the developer burning 180 cardinal tokens worthy much than $2 million. “$GROK volition proceed guardant arsenic a 100% community-owned project. No tokens are held successful the deployer wallet anymore,” according to a post connected its authoritative X handle.

Meanwhile, this incidental highlights the tactics of malicious actors who people compelling narratives to pull attraction wrong the crypto community. Crypto traders should prioritize thorough probe into a task earlier investing.

The station Known scammer linked to memecoin named aft Musk’s Grok chatbot, token dumps appeared archetypal connected CryptoSlate.