The Grok AI service project driven by xAI, an artificial intelligence startup led by Elon Musk, has become a hot topic in the market. Some members of the community took advantage of this momentum to launch the meme coin GROK, quickly igniting a speculative frenzy in the market. In just 9 days after its release, the market value surged to $160 million.
However, online detective ZachXBT revealed on Twitter that the issuer behind the GROK meme coin is actually a habitual fraudster. The same Twitter account has changed names multiple times in the past and has issued and RUG pulled at least one meme coin (ANDY).
After ZachXBT disclosed this information, GROK plummeted by over 50% within an hour. Although the deployer of the GROK contract burned 90 million GROK tokens (approximately $1.7 million) to temporarily stop the token from falling and recover, it quickly resumed its downward trend.
Nevertheless, from the comments of ZachXBT, it can be seen that the chaos in the market speculation has blinded people with money, viewing ZachXBT’s well-intentioned reminder as malice. Investors should take this as a cautionary tale. Despite people’s freedom and power to speculate and make quick money, is it appropriate to ignore the risks and promote such high-risk meme coins to others, even attacking those upright individuals who issue warnings?