Crypto Fraud: "Elon Musk AI Token" & "TruthGPT Coin"
Elon Musk's alleged endorsement of "TruthGPTCoin" has raised red flags in the minds of financial regulators. As a result of this, the Texas State Securities Board, alongside various other state authorities, have moved to prohibit Horatiu Charlie Caragaceanu and his firms, The Shark of Wall Street and [], on the grounds that investors are being misled into believing that Musk endorses the cryptocurrency. With investigations carried out, the participating regulators have announced the decision to enforce the interdiction.
TruthGPT Coin is an advanced crypto that has incorporated powerful AI, such as Elon Musk AI, to examine multiple digital assets which it then uses to forecast crypto values and separate sound investments from those which are questionable. Those running the coin are asserting it will be incredibly lucrative, even suggesting its value could soar to ten-thousand fold! It sounds almost too good to be true, yet there might be some truth to their boastful prophecy.
The Emergency Cease and Desist Order shines a light on the misleading fiction about Elon Musk's approval for TruthGPT Coin. It appears he is behind the asset, but nothing is further from the truth. The adverts including animations and captivating pictures of Musk elevate the idea that he is endorsing the currency - this is far from real. Intriguingly, other renowned public figures are suggested to have an attachment to the asset. Notable examples include Changpeng “CZ” Zhao, the head of Binance, and the co-founder of Ethereum, Vitalik Buterin, who both deny any association.
“It’s unfortunate, however, that certain individuals are looking to capitalise on the public’s optimism with deceit,” Travis Iles, Commissioner of Securities, began, “They’re creating elaborate disguises to try and pass off artificial intelligence, but what eventually ends up presented is nothing greater than a fraud.” The commissioner went on, noting that those attempting the swindle of the general population are taking full advantage of their curiosity.
Cryptocurrency customers must constantly be on-guard and not let their feelings gain the upper hand. It is of utmost importance to make an unbiased investigation into any offering, most especially when it is being advertised on the web by an unfamiliar organization. This recent event with a false project serves as yet another reminder regarding the need to be careful when entering the crypto world. Terms such as "artificial intelligence" can be quite attractive, and might befool investors, however this approach is frequently used in a pump-and-dump manoeuvre; a deplorable phenomenon wide-spread in this field.
This year, a whopping 40,521 cryptos were up for exploration - and it looks like 24% of them weren't safe from a price plummet in the first week. According to data from Chainalysis, that's approximately 9,902 tokens affected by so-called 'pump and dump' tactics. It's clear that the market may have been the hapless victim of the resulting devastation.
