Texas Securities Board and several other agencies sent notification of possible sanctions to Charlie Karagachan and related organizations regarding the promotion of TruthGPT Coin and Elon Musk AI Token.
Regulators intend to stop “a fraudulent scheme with investment contracts that exploit the hype around AI.”
TruthGPT Coin is positioned as a token that uses an artificial intelligence system called Elon Musk AI. It is assumed that the model can analyze many digital assets, predict the future value of cryptocurrencies and distinguish profitable investments from fraudulent ones.
The organizers promise that the price of TruthGPT Coin “could rise 10,000 times.”
Investors are being deceived by reporting Elon Musk’s support for the project. For this, animated avatars and images of a billionaire are used.
The ad also talks about the approval of TruthGPT Coin by many in the industry, including Binance CEO Changpeng Zhao and Ethereum co-founder Vitalik Buterin.
“Organizers form schemes that give the appearance that they have developed sophisticated AI platforms. In fact, it’s just a scam.” Securities Commissioner Travis Isles said.
State Council Director of Oversight Joe Rotunda advised investors to remain vigilant and “set aside emotions and objectively evaluate each proposal – especially when it is submitted by an unknown person via the Internet.”
Recall that in 2022, cryptocurrency investors invested $4.6 billion in the purchase of 9900 tokens in the BNB Smart Chain and Ethereum networks, allegedly being part of Pump & Dump schemes.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Texas Securities Board and several other agencies sent notification of possible sanctions to Charlie Karagachan and related organizations regarding the promotion of TruthGPT Coin and Elon Musk AI Token.
Regulators intend to stop “a fraudulent scheme with investment contracts that exploit the hype around AI.”
TruthGPT Coin is positioned as a token that uses an artificial intelligence system called Elon Musk AI. It is assumed that the model can analyze many digital assets, predict the future value of cryptocurrencies and distinguish profitable investments from fraudulent ones.
The organizers promise that the price of TruthGPT Coin “could rise 10,000 times.”
Investors are being deceived by reporting Elon Musk’s support for the project. For this, animated avatars and images of a billionaire are used.
The ad also talks about the approval of TruthGPT Coin by many in the industry, including Binance CEO Changpeng Zhao and Ethereum co-founder Vitalik Buterin.
“Organizers form schemes that give the appearance that they have developed sophisticated AI platforms. In fact, it’s just a scam.” Securities Commissioner Travis Isles said.
State Council Director of Oversight Joe Rotunda advised investors to remain vigilant and “set aside emotions and objectively evaluate each proposal – especially when it is submitted by an unknown person via the Internet.”
Recall that in 2022, cryptocurrency investors invested $4.6 billion in the purchase of 9900 tokens in the BNB Smart Chain and Ethereum networks, allegedly being part of Pump & Dump schemes.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!