On April 21, a wallet linked to former Binance CEO Changpeng “CZ” Zhao received 90 million fake GROK tokens, according to blockchain security firm PeckShield.

The tokens were distributed using a multisend method to multiple wallets, which PeckShield described as a likely scam operation.

No Official GROK Cryptocurrency

Musk’s Grok chatbot, integrated into X, has no official token and no plans to release one. Still, scammers launched fake GROK tokens on Ethereum as early as 2023, which eventually saw a 90% price drop after minimal sales — a classic pump-and-dump pattern.

Trust Exploited Through Celebrity Branding

Scammers often impersonate trusted brands or celebrities to lure victims. In 2024, Meta was the most impersonated company in phishing reports, while Coinbase led the crypto sector in being targeted by fake accounts.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

A fake livestream pretending to be an official “AI Elon Musk giveaway” promising $20,000 in crypto was recently flagged as well.

Several Elon Musk-related memecoins have also launched on BNB Smart Chain, most lacking any real foundation or legitimacy.

Phishing Remains a Billion-Dollar Threat

Techniques like address poisoning continue to mislead users into sending funds to fraudulent wallets. According to CertiK, phishing scams have cost the crypto industry over $1 billion across 296 incidents in 2024 alone.

As scams become increasingly sophisticated, users are urged to verify projects thoroughly before interacting with any new token or crypto offer.

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