Elon Musk X crypto scam alert

By: bitcoin ethereum news|2025/05/02 21:45:02
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⚈ 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/

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.


Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.


Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps


Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.


The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position


The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.


Social-Native Trading: Strategy and Execution Completed in the Same Context


Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying


On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.


By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.


Referral Mechanism: Non-institutional users can receive up to 60% fee split


Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings


This model aims to drive user-driven network expansion and organic growth.


Self-Custody Architecture and Built-in Privacy Mechanism


Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:


· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure


The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.


A New Path for On-Chain Derivatives


Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.


The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.


Regulatory Background


Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.


This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."


The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.


About Mixin


Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.


Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication


Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.


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