On-chain researcher ZachXBT claimed that the GROK token issued for Elon Musk’s artificial intelligence initiative is a fraud.
A new event in the crypto industry created a bombshell effect. An anonymous cryptocurrency released on behalf of Elon Musk’s artificial intelligence initiative Grok AI dropped by nearly 50 percent. The decline in question deepened with the claims of on-chain researcher ZachXBT.
In ZachXBT’s post on the X platform, he claimed that the GROK token, which is also listed on cryptocurrency exchanges MECX, Gate.io and Bitget, is a fraud.
They rose and were listed on stock exchanges under Elon Musk’s name
Elon Musk introduced a new artificial intelligence initiative, Grok AI. The project in question was launched as a ChatGPT-like platform. On the other hand, crypto entrepreneurs started to issue cryptocurrencies using the name Grok AI. Among a number of cryptocurrencies, a token called GROK gained 13,000 percent and gained attention behind it. GROK rose so much that it was listed on crypto exchanges such as MEXC, Gate.io and Bitget.
GROK, which attracted the attention of crypto investors, was shaken by a sensational event that came to the fore during the day. On-chain researcher ZachXBT claimed that the individuals who created the GROK token, which reached a market value of $160 million, were fraudsters. After the project was labeled a fraud, the GROK price dropped by nearly 50 percent.
Not that people in this space will care but @GROKERC20 $GROK was created by a scammer.
Same exact X/Twitter account has been reused for at least one other scam.
X/Twitter ID: 1690060301465714692 pic.twitter.com/iKu7zb6YeS
— ZachXBT (@zachxbt) November 13, 2023
ZachXBT stated that the X account that created the GROK token was used to create a new cryptocurrency. Allegedly, this anonymous person creates many cryptocurrencies and performs rug pull (fraud) instantly.
GROK, which is also offered for trading on central stock exchanges, dropped from $0.02 to $0.01 due to the impact of fraud allegations. Thousands of crypto investors suffered. As Coinkolik, we stated that the GROK token increased by nearly 13 thousand percent the other day and alarm bells were ringing. Exactly the day after this news, GROK experienced a decline that victimized thousands of investors.
GROK token, whose liquidity is only around $3.5 million, had brought up the possibility of mass sales of million-dollar wallets that were already making a profit. It happened exactly as expected, and million-dollar wallets started selling after allegations of fraud. The panic sales that came with it were enough to push the GROK price to the bottom.
