The post Elon Musk X crypto scam alert appeared on BitcoinEthereumNews.com.

⚈ Scammers are pushing fake Grok meme coins by falsely linking them to Elon Musk.⚈ Fraudsters also impersonated the Tate brothers in a DADDY coin dinner scam.⚈ Despite rising fraud, some traders profit from volatile meme coin surges. During the first quarter (Q1) of 2025, cryptocurrency traders lost more than $1.7 billion in various digital asset hacks and attacks, per Finbold’s Q1 crypto market report, with an untold amount stolen via fraud and scams. One deception that has been growing increasingly common since the start of the year is the numerous meme coins paying homage to xAI’s Grok artificial intelligence (AI) model.  While there is nothing wrong with basing an altcoin on an AI platform inspired by The Hitchhiker’s Guide to the Galaxy, the name’s newfound association with billionaire Elon Musk has given rise to a shady marketing practice. The Grok meme coin scam Scammers are flooding the social media platform X, as well as other online spaces frequented by cryptocurrency traders, claiming that the South African-Canadian billionaire is himself behind the project. An X post alleging that Elon Musk is promoting a cryptocurrency. Source: X Some such promotions have also appeared on the popular digital asset quote and social network CoinMarketCap, with pages for the many Grok-inspired tokens populated by comments such as ‘$GROK ALWAYS WITH ELON. DONT MISS IT.’ A vague comment implying a link between a GROK meme coin, Elon Musk, and DOGE. Source: CoinMarketCap However, unlike with X posts, which attempt to convince unsuspecting readers to click on dubious links, it is uncertain if the comments left on platforms such as CoinMarketCap are left by scammers, or ‘bag-holders’ hoping to pump a meme coin they purchased in hopes of making a quick buck. Elsewhere, though not necessarily a full-blown scam, the sheer number of ‘shitcoins’ bearing…

---

Filed under: News - @ May 2, 2025 1:26 pm