Changpeng Zhao, former Binance CEO, was hit with 90 million fake Grok tokens. Scammers are ramping up their efforts to target crypto investors with Elon Musk-related fraud.

According to blockchain security firm PeckShield, the tokens are likely part of a phishing attack. These tokens are unrelated to Musk's official AI chatbot, Grok, which has not issued any cryptocurrency.

Scammers have long exploited high-profile figures like Musk to gain trust from victims. Fake Grok-related tokens first appeared in 2023, leading to significant losses after scammers sold a portion of the supply.

Recent Elon Musk scams have resurfaced, featuring fake giveaways and memecoins on the BNB Smart Chain.

The rise in scams reflects a growing trend of phishing attacks, such as address poisoning, which trick victims into sending assets to fraudulent wallets.

In 2024, phishing incidents cost the crypto industry over$1 billion, highlighting the need for increased vigilance and security.

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