Various US regulatory agencies have warned about an artificial intelligence coin. The US pointed to a project claiming to use artificial intelligence. Here are the details…
USA warned about this artificial intelligence coin
Texas and other US state financial regulators have ordered a crypto “investment scam” claiming to use artificial intelligence (AI) to cease all activity from Wednesday. The scam scheme run by Horatiu Caragaceanu, The Shark of Wall Street, and Hedge4.ai markets coins known as TruthGPT Coin (TRUTH). The Texas State Securities Board, which includes regulators in New Jersey, Alabama, Montana, and Kentucky, made a statement. He said the token uses images of Elon Musk, Binance CEO Changpeng Zhao, and Ethereum founder Vitalik Buterin.
“Artificial intelligence is wreaking havoc,” Texas Commissioner of Securities Travis J. Iles said in a statement. “Malicious actors continue their attempts to capitalize on this widespread public interest,” he said. The regulator said that the TruthGPT coin claims to use machine learning to predict future crypto prices. He pointed to the risk of offering unregistered or unauthorized securities to Texas residents. It is stated that Caragaceanu is based in California and Bucharest. It is allegedly reverting to its previous form promising bizarre returns from currently zero value coin offerings.
Founder says startup is not a scam
Other startups by Caragaceanu, The Shark of Wall Street, and Hedge4.ai have also been named by regulators, including the GPTX token and the Hedge 4 non-fungible token (NFT). On the other hand, the owner of Hedge4.ai’s Telegram channel told CoinDesk that the venture was “not a scam investment”. He also said he “didn’t sell GPTX to Americans.” AI coins, crypto projects focused on artificial intelligence and machine learning, are gaining traction in the blockchain world. As we have reported as Kriptokoin.com, these projects aim to use the capabilities of cryptocurrencies and Blockchain technology.
One of the most prominent AI coins is SingularityNET. SingularityNET (AGI) is a decentralized network where developers can share AI algorithms and tools. Another popular AI coin is Cortex (CTXC), which focuses on AI-driven smart contracts. The platform uses machine learning models to analyze data and automate contract execution. Thus making the process more efficient and reliable. DeepBrain Chain (DBC) aims to provide a decentralized artificial intelligence computing platform. It is another artificial intelligence coin. The project creates a network of computing nodes that can handle large amounts of data. Thus, it aims to make artificial intelligence development more accessible and affordable.
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