Scammers target Zhao with fake Grok tokens amid rising Musk-related fraud
Elon Musk-related scams continue to rise, with fake giveaways and memecoins causing major crypto losses.
Changpeng Zhao, former Binance CEO, was hit with 90 million fake Grok tokens. Scammers are ramping up their efforts to target crypto investors with Elon Musk-related fraud.
According to blockchain security firm PeckShield, the tokens are likely part of a phishing attack. These tokens are unrelated to Musk’s official AI chatbot, Grok, which has not issued any cryptocurrency.
Scammers have long exploited high-profile figures like Musk to gain trust from victims. Fake Grok-related tokens first appeared in 2023, leading to significant losses after scammers sold a portion of the supply.
Recent Elon Musk scams have resurfaced, featuring fake giveaways and memecoins on the BNB Smart Chain.
The rise in scams reflects a growing trend of phishing attacks, such as address poisoning, which trick victims into sending assets to fraudulent wallets.
In 2024, phishing incidents cost the crypto industry over $1 billion, highlighting the need for increased vigilance and security.
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