GROK, a memecoin inspired by Elon Musk’s Grok xAI chatbot service, has experienced a significant drop in value after it was revealed that its developer has a history of involvement in crypto scams. Despite its name and logo resembling Musk’s company, the token is unrelated to it. On-chain investigator ZachXBT uncovered evidence that the developer had reused the same Twitter account for a previous scam involving the ANDY token. This revelation led to a decrease in GROK’s value and an increase in trading volumes. In an attempt to regain public trust, the developer burned a large number of tokens and announced that the project is now 100% community-owned. This incident serves as a reminder for crypto traders to conduct thorough research before investing in any project.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	1
People	ZachXBT
Companies	X, CoinMarketCap, xAI, GROK, Tesla
Currencies	GROK
Securities	None