State regulators crack down on fraudulent cryptos promoted as 'Elon Musk AI Tokens' and 'TruthGPT Coin'
According to the cease and desist order, investors are being given the impression that Elon Musk endorses "TruthGPT Coin". The Texas State Securities Board, including several state regulators, have come together to issue cease-and-desist orders against Horatiu Charlie Caragaceanu and his organizations, The Shark of Wall Street and Hedge4.ai, for promoting two cryptocurrencies named TruthGPT Coin and Elon Musk AI Token. The orders seek to clamp down on what they claim is a fraudulent securities scheme attempting to capitalize on the growing buzz around artificial intelligence (AI). The TruthGPT Coin is being marketed as a crypto currency that utilizes an AI system called Elon Musk AI. The AI model can allegedly examine multiple digital assets, anticipate future crypto currency values, and distinguish lucrative Investments from fraud ulent ones. The parties involved are also promoting TruthGPT Coin as a highly profitable venture, even stating it could increase in worth by a s...