scammers scammers are pushing fake glock meme coins by accidentally linking them to Elon Musk.
The wuraud scammer also impersonated the Tate Brothers in the Papacoin Dinner Scam.
Despite the rise in fraud, some traders are profiting from volatile meme coin surges.
In the first quarter of 2025 (Q1), Cryptocurrency Traders lost over $1.7 billion in hacking and attacks of various digital assets, following Finbold’s first quarter Crypto market report, and was stolen via fraud and fraud.
One of the more common deceptions that have become increasingly common since the beginning of the year is the numerous meme coins paying homage to Xai’s Grok Artificial Intelligence (AI) model.
There’s no problem with basing Altcoin on an AI platform inspired by Galaxy hitchhiker guide, The new relationship with billionaire Elon Musk has created a shady marketing practice.
Grok Meme Coin Scam
Scammers are flooded with social media platform X and other online spaces frequented by cryptocurrency traders, claiming South African-Canadian billionaires are behind the project.
Some of such promotions have also been featured in popular digital assets quotes and social networks coinmarketcap, There are many Grok-inspired token pages where comments such as “$grok with Elon” live. Don’t miss that. ”
However, unlike X’s posts that try to convince unsuspecting readers to click on the suspicious link, it is unclear whether any comments remain on the platform. coinmarketcap There are scammers or “bag holders” left behind.
Elsewhere, it’s not necessarily a full-fledged scam, but there are a huge number of “shits” with names. Glock In one variation, the other variants are very indicative of the team or individual behind them trying to make money by misleading traders.
Tate Brothers become the latest misused face in crypto fraud
Crypto fraud on social media is not limited to misrepresenting yourself as Elon Musk. At the beginning of May, a page appeared in which the Tate Brothers pretended to be holding a dinner event for their top holders of Papatate Meme Coin.
Swindle was inspired by President Donald Trump’s recent decision to invite official Trump (Trump) top holders.
Are Crypto Scammers losing their technological advantage?
Interestingly, the 2025 account flooding where they pretended to find Elon Musk’s or other celebrities appears to show a refined decline in fraudsters with exclusive cryptocurrency advice and airdrops.
Despite significant advances in AI video generation, scammers have given up on previous attempts to make full-scale fake videos in which digitally generated celebrities take on the wrong action.
As Finbold reported at the time, these types of scams were particularly common in the second half of 2023, with Rippe Labs CEO Brad Garlinghouse being the go-to individual to be abused.
The bright spot of the Glock invasion
Interestingly, despite the bank of memecoin on brand recognition that unrelated works are questionable and extremely useful, legitimate cryptocurrency swings and day traders are known to perform successful swaps.
The latest example was on the evening of April 30th to May 1st, a digital asset investor changed $1,500 to nearly $300,000 in just under five hours using the new Xai Gork (Gork) named after Amoralidal.
Featured Images via ShutterStock
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
