{"id":78307,"date":"2023-05-04T17:28:20","date_gmt":"2023-05-04T14:28:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78307"},"modified":"2025-09-11T04:17:58","modified_gmt":"2025-09-11T01:17:58","slug":"texas-authorities-accuse-creator-of-elon-musk-ai-token-of-fraud","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/texas-authorities-accuse-creator-of-elon-musk-ai-token-of-fraud\/","title":{"rendered":"Texas authorities accuse creator of Elon Musk AI Token of fraud"},"content":{"rendered":"<p>The Texas State Securities Board and several other agencies<a href=\\\"https:\/\/www.ssb.texas.gov\/news-publications\/texas-leads-coordinated-states-action-stop-artificial-intelligence-investment\\\">sent<\/a> a notice of possible sanctions to Charlie Karagachanu and related entities concerning the promotion of TruthGPT Coin and Elon Musk AI Token.<\/p>\n<p>Regulators intend to stamp out a &#8216;fraudulent scheme involving investment contracts exploiting AI hype&#8217;.<\/p>\n<p>TruthGPT Coin is positioned as a token that uses an AI system named Elon Musk AI. It is claimed that the model can analyse a wide range of digital assets, forecast future cryptocurrency prices and distinguish profitable investments from fraudulent ones.<\/p>\n<p>The organizers promise that the price of TruthGPT Coin &#8216;could rise ten-thousandfold&#8217;.<\/p>\n<p>Investors are being duped with claims of support for the project from Elon Musk. Animated avatars and images of the billionaire are used for this purpose.<\/p>\n<p>The promotion also claims approval of TruthGPT Coin by many industry figures, including Binance CEO Changpeng Zhao and Ethereum co-founder Vitalik Buterin.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>&#8220;Organizers craft schemes that create the appearance that they have developed sophisticated AI platforms. In fact, this is simple fraud,&#8221;<\/em> \u2014 said the Texas Securities Commissioner Travis Ailes.<\/p>\n<\/blockquote>\n<p>The director of supervisory affairs at the State Board, Joe Rotonda, advised investors to stay vigilant and, &#8216;setting aside emotions, objectively evaluate each proposition \u2014 especially when it is presented by an unknown person online&#8217;.<\/p>\n<p>In 2022, cryptocurrency investors <a href=\"https:\/\/u1f987.com\/en\/news\/chainalysis-nearly-10000-tokens-used-in-pump-and-dump-schemes\"> invested $4.6 billion <\/a> in the purchase of 9,900 tokens on the BNB Smart Chain and Ethereum networks, allegedly part of the <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-pump-and-dump\">Pump &#038; Dump<\/a> schemes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Texas State Securities Board and several other agencies sent a notice of possible sanctions to Charlie Karagachanu and related entities regarding the promotion of TruthGPT Coin and Elon Musk AI Token.<\/p>\n","protected":false},"author":1,"featured_media":78308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[438,1246,596],"class_list":["post-78307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-artificial-intelligence","tag-scammers","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=78307"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78307\/revisions"}],"predecessor-version":[{"id":78309,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78307\/revisions\/78309"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/78308"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=78307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=78307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=78307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}