The State Securities Board of Texas has joined hands with many state regulators to issue cease-and-desist orders against Horatiu Charlie Caragaceanu, founder, The Shark of Wall Street and Hedge4.ai platforms, for selling the cryptocurrencies named TruthGPT Coin and Elon Musk AI Token, stated Cointelegraph.
It is expected that the TruthGPT Coin is used as a cryptocurrency which utilizes an AI system named Elon Musk AI. The AI model might keep track of multiple digital assets, impact future cryptocurrency values and separate lucrative investments from fake ones. The users involved are also promoting TruthGPT Coin as a highly profitable venture, saying that it could raise its value by 10,000 times, added Cointelegraph.
As reported by Cointelegraph, Emergency Cease and Desist Order mentioned that investors are provided with fake information about the endorsement of TruthGPT Coin by Elon Musk by using animated avatars and images of Musk. The promotional news also includes that Changpeng “CZ” Zhao, founder, CEO, Binance and Vitalik Buterin, co-founder of Ethereum, are involved in this.
“They’re devising schemes that create the appearance that they have developed sophisticated artificial intelligence platforms — but instead of being rooted in artificial intelligence, the offerings too often are nothing more than frauds,” Travis Iles, Securities Commissioner told Cointelegraph.
(With insights from Cointelegraph)