Meme Coin or AI-Driven Scam?

Elon Musk’s AI chatbot, Grok, has unintentionally become the center of a crypto controversy, promoting what could be a scam token.

The development comes amid rising concerns of fraudulent crypto, questioning the integrity of token launchpads such as Solana-based Pump.fun, among others.

Crypto Scam Alert: Did Grok AI Accidentally Pump a Token?

Grok, after being prompted by a user’s leading question, initially suggested “GrokCoin” as the name of a meme coin. It then provided a wallet address for the said GrokCoin in response to a now deleted post. Grok also clarified that GROKCOIN is a meme coin on the Solana blockchain, inspired by xAI’s Grok AI.

“GROKCOIN, mentioned in the post, is a memecoin on the Solana blockchain, with the wallet address 3MadWqcN9cSrULn8ikDnan9mF3znoQmBPXtVy6BfSTDB. It’s inspired by xAI’s Grok AI, launched in November 2023, and trades with a current market cap of around $17 million, per CoinMarketCap, but its value is highly volatile.” Grok indicated.

Shortly after, the token’s market capitalization surged to $12 million, with an astonishing $51.9 million trading volume. At press time, the GrokCoin had a market cap of over $25 million. Meanwhile, data on GMGN shows the token’s value soared nearly 100,000%. This surge came as unsuspecting investors bought into what is likely an orchestrated scheme.

“Grok casually dropping a meme coin name, and the market instantly throws millions at it, peak crypto behavior. AI narratives + meme coins are a different kind of money printer no doubt about that,” one user quipped.

Despite this, skepticism remains high. It appears that an individual intentionally created the token before prompting Grok to mention the coin and wallet address publicly. This assumption comes as the question leading to Grok’s response was quickly deleted, suggesting a deliberate effort to manipulate the market.

It is also worth noting that the creator of GrokCoin has created over 470 coins, according to data from Soul Scanner

The incident highlights how scammers exploit AI tools to create and promote fraudulent tokens. It raises serious concerns about the growing trend of AI-driven crypto scams and market manipulation.

Recently, China exposed the DeepSeek crypto fraud, in which scammers used AI-generated materials to deceive investors. Another incident happened in Hong Kong, where scammers used deepfake technology to mislead investors into fraudulent schemes.

Following the latest development, similar Grok-themed tokens are flooding the Solana-based platform Pump.fun. This further adds to market manipulation concerns and potential investor losses.

Against this backdrop, experts warn that the trend may soon collapse under the weight of increasing scams. BeInCrypto reported that the meme coin market may be at risk of crashing as fraudulent projects flood the space.

Regulators are taking notice of these deceptive practices. A new bill proposed in New York aims to impose strict penalties on crypto scammers. As BeInCrypto reported, the bill defines civil fines of up to $5 million for fraudulent activities.

Such measures highlight the growing urgency to combat illicit schemes and protect investors from falling victim to AI-driven fraud.