Grok Token’s Price Takes a Nosedive: Alleged Scam Unveiled by Blockchain

In a shocking turn of events, the price of the memecoin “Grok,” inspired by Elon Musk’s AI project, plummeted by over 70% following allegations from blockchain investigator ZachXBT. The investigation revealed that the token’s social media accounts were repurposed from a previously abandoned memecoin project named ANDY.

ZachXBT, in a Nov. 13 post on X (formerly Twitter), shared compelling screenshots exposing the reuse of social media accounts and websites associated with Grok (GROK), causing a rapid decline in the token’s value. Grok fell a staggering 74% from its all-time high of $0.027 to as low as $0.007 within five hours of the revelations. Although it has slightly recovered to $0.011, the impact on investor confidence is palpable.

In a bid to salvage the situation, Grok’s development team took swift action. ZachXBT highlighted an Etherscan transaction indicating that the team burned approximately $1.7 million worth of GROK tokens, aiming to reduce the token supply and restore trust in the project. The X account for the GROK token later claimed in a Nov. 14 post that the entire deployer address, containing 180 million GROK worth roughly $2 million at current prices, had been burned.

This incident serves as a stark reminder of the risks associated with meme tokens and the importance of thorough due diligence in the volatile crypto space. Investors are urged to exercise caution and remain vigilant as they navigate the ever-evolving landscape of blockchain and cryptocurrency projects.

Subscribe

Related articles

Blockchain Meets AI: Europe’s Next Tech Evolution

Blockchain technology and artificial intelligence (AI) are set to...

Hathor Network Shines at Sushi Tech Tokyo

Hathor Network made a significant impact at Sushi Tech...

Green Mining: Marathon Digital’s Eco-Friendly Leap in Kenya

The world of cryptocurrency is witnessing a remarkable shift...
Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

LEAVE A REPLY

Please enter your comment!
Please enter your name here