On-chain researcher ZachXBT claimed that the GROK token issued for Elon Musk’s artificial intelligence initiative is a fraud.
A new phenomenon created a splash in the crypto industry. An anonymous cryptocurrency issued by Elon Musk’s artificial intelligence initiative Grok AI has fallen by nearly 50 percent. The fallout deepens the questions with claims from on-chain researcher ZachXBT.
In a post by ZachXBT on the
They grew and got listed on stock exchanges under the name of Elon Musk
Elon Musk introduced a new artificial intelligence initiative, Grok AI. The project in question was launched as a platform like ChatGPT. On the other hand, crypto entrepreneurs started issuing cryptocurrencies using the name Grok AI. Among several cryptocurrencies, a token called GROK gained 13,000 percent and gained attention behind it. GROK grew so much that it was listed on crypto exchanges like MEXC, gate.io and Bitget.
Grok, which attracted the attention of crypto investors, was shaken by a sensational incident that unfolded during the day. On-chain researcher ZachXBT claimed that the individuals who created the GROK token, whose market cap reached $160 million, were fraudsters. After the project was declared a fraud, the price of Grok fell by almost 50 percent.
ZachXBT said that the X account that created the GROK token was used to create a new cryptocurrency. Allegedly, this anonymous person creates several cryptocurrencies and immediately makes a rug pull (fraud).
GROK, which is also offered for trading on central stock exchanges, fell from $0.02 to $0.01 due to the impact of the fraud allegations. Thousands of crypto investors suffered losses. As CoinColicky, we said that the GROC token increased by almost 13 thousand percent in the last day and alarm bells were ringing. The day after this news, Grok experienced a decline which affected thousands of investors.
The GROC token, which has liquidity of only around $3.5 million, has brought the possibility of a massive sale of million-dollar wallets that were already making profits. As expected, it happened and wallets worth millions of dollars were sold off following fraud allegations. The panic selling that accompanied it was enough to push the price of Grok to rock bottom.