The con artist is once again taking advantage of the popularity of Elon Musk’s artificial intelligence chatbot Grok, with fake tokens resurfaced as part of a potential phishing attack.
According to blockchain security company Peckshield, the wallet linked to former Vinance CEO Changpeng “CZ” Zhao received 90 million fake Grok (Grok) tokens on April 21st.
Tokens is “probably a scam” and “deployers distributed it to multiple addresses via multi’s end,” Peckshield said.
The X platform Grok AI chatbot does not have an official cryptocurrency and does not plan to launch it in the future.
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According to Bubbles, a visualization platform for blockchain data, it first appeared when scammers deployed ERC-20 Grok tokens to Ethereum.
Scammers often use the credibility of social media platforms, big brands, or celebrities like Elon Musk to cultivate trust with their victims.
According to a report by email security provider MailSuite, Meta was the most mimicked brand in phishing reports submitted throughout 2024.
Coinbase was the most successful brand by fraudsters in the crypto industry, but Meta was targeting fraudsters over 25 times more than cryptocurrency exchanges.
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Elon Musk-related scams and fake coins are seeing a revival
Elon Musk-related scams and fake tokens are seeing a comeback as scammers continue to compete for investor Crypto Holdings.
On April 14, a fake announcement was flagged by Denis Thomas of Crypto Recovery and Security Advocate, offering the official “Ai Elon Musk Stream,” which gives $20,000 worth of cryptocurrency.
Several other Elon Musk-related memokines have been launched on the BNB Smart chain in recent weeks, according to Coinspeedrun, a fraud detector platform.
Phishing scams like address addiction involve trampling on the victim to send assets to fraudulent wallet addresses.
According to blockchain security company Certik, phishing scams cost the crypto industry more than $1 billion over 296 incidents in 2024.
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