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Summary

  • Texas regulators are targeting the promoter behind two cryptocurrencies that aim to capitalize on Elon Musk’s AI pursuits.
  • The cryptocurrencies are titled Elon Musk AI Token and TruthGPT Coin after Musk’s proposed ChatGPT competitor.
  • The individual responsible for promoting both assets is San Francisco resident Horatiu Charlie Caragaceanu.

Texas Regulators Target Crypto Tokens Capitalizing on Elon Musk, TruthGPT

U.S. regulators in Texas are targeting the promoter behind two cryptocurrencies that aim to capitalize on Elon Musk’s artificial intelligence (AI) pursuits, Bloomberg reported May 3. Joe Rotunda, enforcement director for the Texas State Securities Board (TSSB), suggested that the tokens aim to capitalize on those efforts illegitimately. The TSSB has submitted a filing alleging that the two tokens are “part of a fraudulent securities scheme” and issued a cease-and-desist order alongside other states.

The Cryptocurrencies

One of the cryptocurrencies is simply titled „Elon Musk AI Token,“ while the other is named „TruthGPT Coin“ after Musk’s proposed ChatGPT competitor of the same name. Both tokens were allegedly promoted by San Francisco resident and entrepreneur Horatiu Charlie Caragaceanu.

Investor Warning

The TSSB warned investors against investing in these crypto tokens, asserting they may be part of a fraudulent securities scheme due to their attempts to capitalize on popular personalities and topics such as Elon Musk and artificial intelligence. As such, individuals should take precautionary measures when considering whether or not to invest in these digital assets.

Caragaceanu Allegations

Caragaceanu allegedly claimed that both tokens were powered by a trading platform using an AI algorithm developed by Musk himself in order to create trading strategies with maximum profits potential at minimal risk levels. He further suggested that investors could earn up to 30% returns per month if they held either token for at least three months – something which has yet to be confirmed or disproved by authorities at this time.

Conclusion

Though it remains unknown as to whether these claims hold true, investors should exercise caution when investing in any cryptocurrency asset associated with an individual or topic based on speculation alone – especially one involving a globally-recognized figure like Elon Musk and his projects surrounding artificial intelligence technology .