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Promote with Leviathan NewsBlockchain investigator ZachXBT alleged on November 13, 2023 that the creator of the Grok (GROK) memecoin is a repeat scammer who had recycled the project’s X (Twitter) account and web infrastructure from at least one previous scam token, including an earlier memecoin called ANDY. He posted screenshots tying the @GROKERC20 account and associated sites to those older projects, arguing this pattern fit typical serial “launch and abandon” memecoin behavior. Following his thread, the GROK token — themed around Elon Musk’s Grok AI but unaffiliated with Musk or xAI — crashed sharply, dropping roughly 70–74% from an all‑time high near $0.027 to about $0.007 within roughly five hours, wiping out around half of its roughly $160–200 million market capitalization. In response to the backlash and rapid sell‑off, the Grok developer conducted large token burns from the deployer and team‑controlled wallets, sending tens of millions of GROK (about $1.7–2 million worth at the time) to a burn address and later claiming to have burned the entire deployer stack of roughly 180 million GROK. However, on‑chain data and ZachXBT’s commentary left open the possibility that the creator controlled additional wallets beyond the publicly burned holdings, so the extent of any remaining insider supply remained unclear. The episode highlighted ongoing risks in speculative memecoin markets: recycled social media identities, opaque developer histories, and concentrated token ownership can enable serial pump‑and‑dump schemes, with retail traders bearing most of the downside when allegations of fraud emerge.
AI-generated background, compiled from web sources — not editorial content.
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