The shadowy cryptocurrency meme coin Grok has been exposed by a crypto sleuth as being linked to a series of scams. The revelation has been a huge blow to the Grok market, with the value of the coin plummeting in a matter of hours.
The Grok meme coin, which claimed to be a decentralised currency, was discovered by the sleuth to have links to a fraudulent company known as ‘Groktoken’, based in Ukraine. The company has been accused of numerous financial crimes such as money laundering and fraud. Upon investigation, it was revealed that the Grok wallet had been pre-programmed to transfer funds to and from the Groktoken crime rings.
The Grok coin’s fall from grace has been swift and dramatic – its market value crashed from $10.80 to less than $0.10 a piece in the wake of the scandal. Crypto traders who held Grok coins have been left counting their losses as many had invested heavily in the otherwise successful meme currency.
The incident stands as a reminder to potential cryptocurrency investors to do their research first and make sure they rely on reliable sources for their currency transactions. It’s now clear that Grok was not the safe asset that many had thought it was.