“US Government Takes Down Crypto Scams Misusing Elon Musk’s Name and AI Technology”

Unfortunately, online crime is still the order of the day, and some criminals are taking advantage of hype in the world of crypto. One person who is very often used in a misplaced way in scams is Tesla and SpaceX CEO Elon Musk. Now two such coins have been taken down by the US government.

US government targets AI crypto scams

That writes the Texan State Securities Board in a press release, a kind of regional version of the federal Securities and Exchange Commission. The stock market watchdog has taken action againstin Horatiu Charlie Caragaceanu and its ventures, ‘The Shark of Wall Street’ and ‘Hedge4.ai. These organizations claimed to compete against OpenAI’s ChatGPT with an Artificial Intelligence model called “Elon Musk AI.”

As an investor you could invest in the project via the cryptocurrencies TruthGPT Coin and Elon Musk AI Token. It would be hugely profitable, the coins could even increase in value 10,000 times. The project also showed fake avatars of Musk and claimed that Binance CEO Changpeng Zhao and Ethereum co-founder Vitalik Buterin were also involved.

AI and Musk often wrongly used for scams

Unfortunately, it is not the first crypto scam involving Artificial Intelligence. We recently wrote that the US government has also busted five other scams using AI for deepfakes and as a buzzword to attract investors. At the same time, Elon Musk’s name is being used as a lure by other rogue projects.

‘TruthGPT’, however, is the name of a real project that was set up by Elon Musk – the real one. According to Musk, this must compete in some way with OpenAI’s ChatGPT. More precisely, it should provide an AI model that seeks the maximum truth and thus tries to understand the nature of the universe. Musk has already set up a company for it and large amounts of computer hardware purchased for.