Elon Musk X crypto scam alert

By: bitcoin ethereum news|2025/05/02 13:45:02

⚈ Scammers are pushing fake Grok meme coins by falsely linking them to Elon Musk. ⚈ Fraudsters also impersonated the Tate brothers in a DADDY coin dinner scam. ⚈ Despite rising fraud, some traders profit from volatile meme coin surges. During the first quarter (Q1) of 2025, cryptocurrency traders lost more than $1.7 billion in various digital asset hacks and attacks, per Finbold’s Q1 crypto market report, with an untold amount stolen via fraud and scams. One deception that has been growing increasingly common since the start of the year is the numerous meme coins paying homage to xAI’s Grok artificial intelligence (AI) model. While there is nothing wrong with basing an altcoin on an AI platform inspired by The Hitchhiker’s Guide to the Galaxy, the name’s newfound association with billionaire Elon Musk has given rise to a shady marketing practice. The Grok meme coin scam Scammers are flooding the social media platform X, as well as other online spaces frequented by cryptocurrency traders, claiming that the South African-Canadian billionaire is himself behind the project. Some such promotions have also appeared on the popular digital asset quote and social network CoinMarketCap, with pages for the many Grok-inspired tokens populated by comments such as ‘$GROK ALWAYS WITH ELON. DONT MISS IT.’ However, unlike with X posts, which attempt to convince unsuspecting readers to click on dubious links, it is uncertain if the comments left on platforms such as CoinMarketCap are left by scammers, or ‘bag-holders’ hoping to pump a meme coin they purchased in hopes of making a quick buck. Elsewhere, though not necessarily a full-blown scam, the sheer number of ‘shitcoins’ bearing the name Grok in one variant or another is highly indicative that the teams or individuals behind them are trying to earn money by misleading traders. Tate brothers become the latest misused face in a crypto scam Crypto scams on social media are not confined to falsely presenting themselves as Elon Musk. At the start of May, a page pretending that the Tate brothers are organizing a dinner event for the top holders of the Daddy Tate (DADDY) meme coin also emerged. The swindle is inspired by President Donald Trump’s recent decision to invite the top holders of the Official Trump (TRUMP)—a cryptocurrency launched shortly ahead of the inauguration—to dinner with him. Are crypto fraudsters losing their technological edge? Interestingly, the 2025 deluge of accounts pretending they found Elon Musk’s—or other celebrities’—exclusive cryptocurrency advice or airdrops appears to indicate a drop in sophistication among scammers. Despite AI video generation becoming significantly more advanced, fraudsters have given up on their earlier attempts to make full-blown fake videos in which a digitally-generated celebrity issues a false call to action. As Finbold reported at the time, such a type of scam was especially common in late 2023, with Rippe Labs’ CEO Brad Garlinghouse being the go-to individual to abuse. A bright spot in the Grok invasion Interestingly, despite meme coins banking on brand recognition of unrelated works being dubious and highly convenient for scammers, legitimate cryptocurrency swing and day traders have been known to execute successful swaps. The latest example came in the night between April 30 and May 1, when one digital assets investor turned $1,500 into nearly $300,000 within just five hours using an amorally-named New XAI gork (GORK). Featured image via Shutterstock Source: https://finbold.com/elon-musk-x-crypto-scam-alert/

-- Price

In the next decade, the biggest evolution of Bitcoin is precisely "responding to change with invariance." The four-year cycle is giving way to capital flows such as ETFs, corporate and sovereign reserves, and bank credit, while digital credit and digital currency will grow layer upon layer on top of...

Forbes Special Report: Stablecoin cross-border payments are faster now, but not cheaper yet

Cross-border payments using stablecoins are rapidly expanding, bringing speed and accessibility, but due to insufficient institutional liquidity, they have not yet delivered on their promised cost savings. The technology has been validated, and regulations are improving, but the industry has not yet...

Li Feifei's latest long article: When video generation, robots, and NVIDIA all claim to be world models, we need a taxonomy

Language gives machines a way to talk about the world. The world model is the means by which machines ultimately understand, imagine, reason, and interact with it.

Blaming the desolation of the cryptocurrency world on the rise of AI is a form of intellectual laziness

The emergence of giants signifies a mature business model. Although it will reduce speculative space, there is also enough room for error, allowing for the continuous emergence of new forces.

The impact of OUSD on Circle, Tether, and Paxos: not a single negative factor, but a more complex reshaping of competition

OUSD will not be the last new competitor; Circle needs to respond more actively in terms of products, distribution, and ecosystem collaboration.

A valuation of 8 billion dollars, doubling in 8 months! What makes the crypto-friendly bank Erebor Bank stand out?

Erebor is a high-profile experiment taking place at the intersection of banking, cryptocurrency, and industrial policy.

340 billion valuation: Li Yanhong's largest IPO, a seat in Kunlunxin's shares is hard to come by

As a core asset in Baidu's AI landscape, Kunlun Chip is expected to exceed Baidu's market value after going public, becoming an important bargaining chip in its turnaround battle.

Stablecoins are the "royalists" of the crypto world: Open USD brings the old currency system into play

The emergence of Open USD has shifted the competition for stablecoins from the market struggle of crypto startups to a battle for infrastructure involving traditional finance, payment networks, technology platforms, and public chain ecosystems.

Cape Verde 2-3 Argentina: The Underdog Team That Stunned the World in Defeat

Cape Verde's run ended in a 3-2 defeat to Argentina, but their journey — three unbeaten draws, one heroic goalkeeper, and a fight that pushed the defending champions to the brink — is the kind of story markets recognize too: small caps can rattle blue chips long before anyone expects it.

Semiconductor stocks plummet, yet Anthropic wants to create a 2nm chip

Abandoning TSMC and teaming up with Samsung. Anthropic launches a self-developed 2nm chip program, challenging Nvidia and starting a battle to break through computing power costs.

Where is Zhao Changpeng's billion-dollar investment going? YZi Labs' investment landscape fully revealed

Zhao Changpeng's billion-dollar new "family office" YZi Labs investment landscape revealed: 70% of the funds are committed to the crypto ecosystem, while 30% are cross-industry bets on AI and biotechnology, launching a new capital experiment in the post-Binance era.

Ethereum Foundation Report: A Basic Guide to Ethereum for Governments and Financial Institutions

The Ethereum Foundation has released this non-technical introductory report aimed at government officials, central banks, regulators, and corporate decision-makers, explaining how Ethereum works, how it is governed, how it differs from other blockchains, and how institutions and governments are alre...

A pre-announced harvesting case: After the cryptocurrency price dropped by 99%, the public chain Saga exited to transform into AI

True failure often isn't a single price drop, but rather a pricing mechanism that repeatedly rewards those who tell stories while repeatedly punishing those who believe in the stories.

When American giants collectively "defect" from Chinese AI models

Coinbase CEO publicly stated: the company has fully switched its AI to a Chinese model, cutting expenses in half while usage has doubled. Snowflake and Lindy are also doing the same thing—an unnoticed "AI model migration wave" is happening.

BIS Report Compliance Observation: The Real Risks of Stablecoins, Not Just "Depegging"

The issue with stablecoins is not just whether their price will decouple, but whether they can be integrated into a recognizable, monitorable, accountable, and regulated financial system.

Portugal 2-1 Croatia: Ronaldo's 20-Year Knockout-Stage Drought Ends With a Debt Finally Collected

Portugal beat Croatia 2-1 in the 2026 global football championship's knockout rounds as Ronaldo scored his first-ever knockout-stage goal, Gonçalo Ramos struck a stoppage-time winner, and VAR ruled out a late equalizer for offside.

Bitcoin Price Prediction July 2026: Will BTC Recover to $70K or Drop Below $55K?

Bitcoin price prediction for July 2026: Can BTC recover to $70,000 or fall below $55,000? Explore ETF flows, key support levels, Fed outlook, and our Bitcoin forecast.

A South Korean company that learned the strategy of hoarding coins, from a bull market to delisting?

When the overall momentum of the Korean stock market is strong, this batch of cryptocurrency concept stocks, branded as the "Korean version of Strategy," finds itself at a crossroads of life and death.

Strategy Founder: The Next 10 Years of Bitcoin