The rise of artificial intelligence is a concern for both the private and public sectors. While Meta issued a warning on Wednesday about malware masquerading as ChatGPT, Texas state regulators are trying to take down a cryptocurrency that is also taking advantage of this trend to claim victims.
The cryptocurrency in question is the TruthGPT Coin (TRUTH). Basically, the freeze indicates that the project is erroneously using Elon Musk’s name as if the billionaire is providing it.
One such story began with a tweet from Musk in February. On the date, the businessman hinted that he would create a competitor to ChatGPT, but he focused on the truth (truth, in English).
“What we need is TruthGPT.”
What we need is TruthGPT
— Elon Musk (@elonmusk) February 17, 2023
Scammers took tweet out of context and created a new cryptocurrency
According to the document from Texas regulators, the creators of TruthGPT Coin are not only using Elon Musk’s name to endorse the project, but are also promising investors astronomical benefits.
“These products include TruthGPT Coin, a digital asset allegedly powered by an artificial intelligence model known as Elon Musk AI”points the order. “They claim that TruthGPT Coin acts as the “Ultimate Artificial Intelligence Cryptocurrency Investing Advisor” and TruthGPT Coin buyers can earn up to 1000x their principal investment.”
Through the social networks of the project, it is possible to find some references of these entries. For example, the project page retweets Musk’s posts about AI. Going further, it even offers rewards for anyone who catches the billionaire’s attention.
“It’s all about understanding the $TRUTH of the universe. With all there is, the truth can be obscured and obscured by sheer myth.points to the post. “TruthGPT is necessary; ultimate truth in the pursuit of AI Let’s get Elon, the innovator of the idea, to interact with us.”
In another tweet, a photo of Elon Musk appears next to TruthGPT’s name on a billboard. Quite ironic for a project focused on truth.
“Truth’s campaign is now live, as seen outside SpaceX headquarters. This is just one of many, search for $TRUTH in your area.”
Despite using the billionaire’s image, the project emphasizes that in its description “not affiliated with Elon”. However, that doesn’t seem to be enough to convince regulators, three people were subpoenaed.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
