Cryptocurrency detective ZachXBT stated in his statement that he detected that a newly launched memecoin was established by fraudsters.
The artificial intelligence application Grok, which was recently released by Elon Musk and will rival OpenAI's ChatGPT, was introduced on Saturday.
As with every product previously launched by Elon Musk, hundreds of cryptocurrencies called Grok were offered for sale as 'memecoins'. Among them, one of them stood out and started to rise in a similar way to PEPE.
However, ZachXBT announced in its post that it detected that this Grok token was used by a person using a Twitter account that was previously used for fraudulent purposes. The contract address of the alleged fraudulent Grok token is known as 0x8390a1DA07E376ef7aDd4Be859BA74Fb83aA02D5.
Grok founder, who was found to be a fraudster, burned 90 million Grok tokens worth $1 million after ZachXBT's post.
Although the scam token in question is not listed on most centralized cryptocurrency exchanges, it is traded on decentralized exchanges and relatively small exchanges such as Gate.io and MEXC. Grok saw a high volume value of $92 million in the last 24 hours.
*This is not investment advice.