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On April 21, a wallet linked to former Binance CEO CZ was sent 90 million counterfeit GROK tokens. Blockchain security firm PeckShield flagged the drop as suspicious, noting it was distributed via multisend—often a sign of a scam. Despite the token’s appearance, Grok AI has no official crypto asset and no plans to launch one.
This isn’t the first time the Grok brand has been used to deceive investors. A similar fake token launched in 2023 saw its value crash by over 90% after the deployer dumped part of the supply.
Fake Musk-themed tokens have also flooded platforms like BNB Smart Chain, with scam detectors tracking a surge in memecoin launches. One hoax even posed as a livestream offering $20,000 in crypto, which was quickly flagged by security experts.
Phishing remains one of the most damaging threats in crypto. CertiK reported over $1 billion lost in 296 incidents last year alone. Imitation tactics are also rampant—Meta and Coinbase were among the most impersonated brands in 2024, according to Mailsuite.
What makes these scams particularly effective is the combination of celebrity branding, technical confusion, and speed. Fraudsters know how to hijack trending topics and recognizable figures to lend legitimacy to fake projects, often acting quickly to trap victims before warnings circulate. As long as hype outpaces education, users remain vulnerable to these evolving threats.
The post Binance Founder Targeted by Crypto Scammers, Exploiting Grok Hype appeared first on Coindoo.
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