{"id":87090,"date":"2023-11-15T19:12:44","date_gmt":"2023-11-15T17:12:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87090"},"modified":"2025-09-13T09:36:22","modified_gmt":"2025-09-13T06:36:22","slug":"grok-meme-token-holders-criticise-on-chain-sleuths-work","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/grok-meme-token-holders-criticise-on-chain-sleuths-work\/","title":{"rendered":"GROK meme-token holders criticise on-chain sleuth&#8217;s work"},"content":{"rendered":"<p>The GROK token price collapsed to zero after on-chain sleuth ZachXBT reported a link between the asset and a known scam. Not all users approved of the expert&#8217;s work.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Not that people in this space will care but <a href=\"https:\/\/twitter.com\/GROKERC20?ref_src=twsrc%5Etfw\">@GROKERC20<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24GROK&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$GROK<\/a> was created by a scammer. <\/p>\n<p>Same exact X\/Twitter account has been reused for at least one other scam. <\/p>\n<p>X\/Twitter ID: 1690060301465714692 <a href=\"https:\/\/t.co\/iKu7zb6YeS\">pic.twitter.com\/iKu7zb6YeS<\/a><\/p>\n<p>\u2014 ZachXBT (@zachxbt) <a href=\"https:\/\/twitter.com\/zachxbt\/status\/1724094712309489810?ref_src=twsrc%5Etfw\">November 13, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The token turned out to be one of hundreds <a href=\"https:\/\/u1f987.com\/en\/news\/hundreds-of-elon-musk-chatbot-inspired-tokens-surface-online\">launched<\/a> on various networks following the announcement of the eponymous chatbot from Elon Musk&#8217;s company, xAI.<\/p>\n<p>On November 13, GROK&#8217;s price peaked at around $0,027, with trading volumes exceeding $0,5 million. After the post by ZachXBT, the price collapsed to below $0,01. At the time of writing, the Ethereum token&#8217;s quotes had risen to $0,012, the asset&#8217;s circulating supply stood at $81,6 million, liquidity \u2014 $1,75 million.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/ixx3eFs3Afa-Np1DEA_9AZV5_hl2N1kOSTjKI7xp_om4B0husYl51eJ9-axb46CYv_fwnzSfAA8UE-_Yg-ewf9Cz_U3Tvp1J4fFXAWYIl3uB5U3W7KFa04xhrhtlUuJ7rAzBcRDqbbZWlebCa3QUxao\" alt=\"\u0414\u0435\u0440\u0436\u0430\u0442\u0435\u043b\u0438 \u043c\u0435\u043c-\u0442\u043e\u043a\u0435\u043d\u0430 GROK \u0440\u0430\u0441\u043a\u0440\u0438\u0442\u0438\u043a\u043e\u0432\u0430\u043b\u0438 \u0440\u0430\u0431\u043e\u0442\u0443 \u043e\u043d\u0447\u0435\u0439\u043d-\u0441\u044b\u0449\u0438\u043a\u0430\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.dextools.io\/app\/en\/ether\/pair-explorer\/0x69c66beafb06674db41b22cfc50c34a93b8d82a2\">DEXTools<\/a>.<\/figcaption><\/figure>\n<p>Following the post, some GROK holders rushed to dump the asset. Arkham researchers noted at least one trader who dumped tokens worth over $500,000 for around $400,000 in ETH.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">On-chain trader 0xBB0 just sold over half a million USD of GROK for around $400K in ETH \u2014 incurring almost 40% slippage.<\/p>\n<p>That closes out a trade he made on-chain starting with only 2 ETH, after ZachXBT alleged that the coin was developed by a serial scammer. <a href=\"https:\/\/t.co\/upIuA7BOp8\">pic.twitter.com\/upIuA7BOp8<\/a><\/p>\n<p>\u2014 Arkham (@ArkhamIntel) <a href=\"https:\/\/twitter.com\/ArkhamIntel\/status\/1724113120606441709?ref_src=twsrc%5Etfw\">November 13, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The GROK developers sought to reassure the community that the project is not a scam. They hosted an online event for users on X and <a href=\"https:\/\/twitter.com\/GROKERC20\/status\/1724106299481427996\">burned all tokens<\/a> on the deployment address worth $1,7 million.<\/p>\n<p>For some users, these proofs were sufficient, and one even called GROK &#8220;a good deal&#8221;.<\/p>\n<p>Some criticised ZachXBT, saying he is &#8220;playing with investors&#8217; hard-earned money&#8221;.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThis is a public project, and you are WRECKING people\u00bb, \u2014 wrote a user under the handle Psyho.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">You do realize you are playing with people&#8217;s hard earned money?<\/p>\n<p>This is a community project and you are WRECKING people<\/p>\n<p>So much for being the &#8220;Good guy&#8221; of CT<\/p>\n<p>\u2014 Psycho (@PsychosCalls) <a href=\"https:\/\/twitter.com\/PsychosCalls\/status\/1724096531454996597?ref_src=twsrc%5Etfw\">November 13, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Other community members, with irony, <a href=\"https:\/\/twitter.com\/ihzn7\/status\/1724098637964226718\">&#8220;thanked&#8221;<\/a> the on-chain expert for &#8220;saving them from scammers&#8221;, driving the token to zero before they did.<\/p>\n<p>ZachXBT replied that his position was inherently disadvantageous. If he had not published the warning, questions would have arisen about him in the event of a possible fraud, he said.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">If I make a post before devs or insiders dump their tokens then people say i<br \/>I am trying to harm them with FUD. <\/p>\n<p>If I wait and sit on that info until after insiders or devs sell then people tag or DM me saying I should have done something.<\/p>\n<p>Just cannot win.<\/p>\n<p>\u2014 ZachXBT (@zachxbt) <a href=\"https:\/\/twitter.com\/zachxbt\/status\/1724114186064576960?ref_src=twsrc%5Etfw\">November 13, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, ZachXBT <a href=\"https:\/\/u1f987.com\/en\/news\/expert-reports-27-million-crypto-wallet-hack\">detected a hack<\/a> of a crypto wallet worth about $27 million in <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-stablecoins\">the USDT stablecoin<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The GROK token price collapsed to zero after on-chain investigator ZachXBT reported a link between the asset and a known scam. Not all users approved of the expert&#8217;s work.<\/p>\n","protected":false},"author":1,"featured_media":87091,"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":[596],"class_list":["post-87090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87090","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=87090"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87090\/revisions"}],"predecessor-version":[{"id":87092,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87090\/revisions\/87092"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/87091"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=87090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=87090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=87090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}