A recently-created meme coin named GROK confronted a dramatic crash, dropping 74% of its worth inside moments after the well-known crypto sleuth ZachXBT uncovered its hyperlinks to a recognized rip-off.
The GROK token is known as after – and clearly making an attempt to capitalize on – Elon Musk’s new artificial intelligence (AI) chatbot with the identical title, which was unveiled earlier this month by the billionaire.
It’s necessary to notice, nevertheless, that the token, nor any of the lots of of different tokens with related names, have any official affiliation with Grok AI bot.
In response to ZachXBT, the Twitter account selling GROK have connections to “no less than one different rip-off” carried out up to now.
Not that individuals on this area will care however @GROKERC20 $GROK was created by a scammer.
Similar precise X/Twitter account has been reused for no less than one different rip-off.
X/Twitter ID: 1690060301465714692 pic.twitter.com/iKu7zb6YeS
— ZachXBT (@zachxbt) November 13, 2023
The revelation concerning the token’s creator triggered a fast sell-off, with GROK crashing from an all-time excessive of $0.02 on Monday to much less to simply $0.009 the following day, in keeping with knowledge from CoinGecko.
On the time of writing on Wednesday, the token had regained some its losses, buying and selling at $0.012.
In response to ZachXBT’ allegations, GROK’s builders took steps to salvage the state of affairs.
To date, a Space broadcast has been hosted on X, and the builders have additionally burned 90 million tokens, value round $1.2 million at in the present day’s worth, from the deployer pockets.
Each of the actions have been seemingly achieved in an try and display dedication to the token challenge by the builders.
Blended reactions in the neighborhood
Regardless of this, the incident has stirred controversy inside the crypto group on X.
“Thanks for saving me from the scammer by sending my cash to 0 earlier than he does,” one dealer said, whereas one other criticized the on-chain professional for “WRECKING individuals” who have been simply a part of a “group challenge.”
“You do understand you’re enjoying with individuals’s hard-earned cash,” the offended group member wrote.
GROK Meme Coin Plummets as Crypto Sleuth Exposes Scam Links cryptonews.com 2023-11-15 18:05:19
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