{"id":373666,"date":"2023-11-14T15:05:05","date_gmt":"2023-11-14T15:05:05","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=373666"},"modified":"2023-11-14T14:59:59","modified_gmt":"2023-11-14T14:59:59","slug":"known-scammer-linked-to-memecoin-named-after-musks-grok-chatbot-token-dumps","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/known-scammer-linked-to-memecoin-named-after-musks-grok-chatbot-token-dumps\/","title":{"rendered":"Known scammer linked to memecoin named after Musk’s Grok chatbot, token dumps"},"content":{"rendered":"

GROK<\/a>, a suspicious AI chatbot-inspired memecoin, has seen its value plummet by more than 50% after reports emerged that its developer was linked to a past crypto scam.<\/p>\n

The memecoin is named after Elon Musk's Grok xAI chatbot service, which was launched earlier in the month. The logo for the token, according<\/a> to CoinMarketCap, looks questioningly like the new X logo. However, that is where the similarity ends, as the token is entirely unrelated to the Musk-led company.<\/p>\n

Last week, CryptoSlate<\/em> reported<\/a> that Musk said none of his companies, including xAI, Tesla, and social media platform X, would ever issue a cryptocurrency token.<\/p>\n

ZachXBT reveals GROK developer's shady past.<\/h2>\n

On-chain sleuth ZachXBT revealed that GROK's developer is a scammer who has reused the exact X\/Twitter account of the project for at least one other scam. He said<\/a>:<\/p>\n

“Not that people in this space will care but <\/span>@GROKERC20 <\/span>$GROK<\/span> was created by a scammer. Same exact X\/Twitter account has been reused for at least one other scam.”<\/span><\/p><\/blockquote>\n

Screenshots shared by ZachXBT displayed the developer's previous issuance of an ANDY token, which no longer exists, and highlighted multiple changes in the developer's Telegram handle.<\/p>\n

After ZachXBT's disclosure, the token experienced a substantial drop in value amid a significant increase in its trading volumes, according to data<\/a> from Coingecko.<\/p>\n

For context, crypto analyst Lookonchain reported<\/a> that an address sold 27.32 million GROK for 212 ETH two hours before ZachXBT made his reveal. Shortly afterward, the same address bought back 16.3 million GROK at a reduced price of 80 ETH, valued at $164,000.<\/p>\n

The project has since attempted to regain public trust, with the developer burning 180 million tokens worth more than $2 million. “$GROK<\/span> will continue forward as a 100% community-owned project. No tokens are held in the deployer wallet anymore,” according to a post<\/a> on its official X handle.<\/span><\/p>\n

Meanwhile, this incident highlights the tactics of malicious actors who target compelling narratives to attract attention within the crypto community. Crypto traders should prioritize thorough research into a project before investing.<\/p>\n","protected":false},"excerpt":{"rendered":"

GROK, a suspicious AI chatbot-inspired memecoin, has seen its value plummet by more than 50% after reports emerged that its developer was linked to a past crypto scam. The memecoin is named after Elon Musk’s Grok xAI chatbot service, which was launched earlier in the month. The logo for the token, according to CoinMarketCap, looks […]<\/p>\n","protected":false},"author":720,"featured_media":373719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9836,76736],"tags":[75503,79061],"post_folder":[],"acf":[],"yoast_head":"\nKnown scammer linked to memecoin named after Musk's Grok chatbot, token dumps<\/title>\n<meta name=\"description\" content=\"GROK, a memecoin sharing name with Elon Musk's AI chatbot, value fell by more than 50% after the shady past of its developer was revealed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/known-scammer-linked-to-memecoin-named-after-musks-grok-chatbot-token-dumps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Known scammer linked to memecoin named after Musk's Grok chatbot, token dumps\" \/>\n<meta property=\"og:description\" content=\"GROK, a memecoin sharing name with Elon Musk's AI chatbot, value fell by more than 50% after the shady past of its developer was revealed.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/known-scammer-linked-to-memecoin-named-after-musks-grok-chatbot-token-dumps\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-14T15:05:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-14T14:59:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/11\/trader-scammed-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/known-scammer-linked-to-memecoin-named-after-musks-grok-chatbot-token-dumps\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/known-scammer-linked-to-memecoin-named-after-musks-grok-chatbot-token-dumps\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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