A social media user has warned investors about the spread of scam messages that non-existent X coins have allegedly increased in value many times over
Elon Musk, who owns social network X (formerly Twitter), said his platform will "never" issue its own crypto-token.
Responding to a user posting that the social network has never issued platform-related cryptocurrencies, Musk wrote: "And never will."
A social network user under the nickname DogeDesigner warned investors about the spread of fraudulent messages. And that non-existent X coins have allegedly increased in value many times over. The author of the post cited several relevant news headlines.
Twitter's official Twitter account on the eponymous social network was renamed X on July 24. The corporate logo with a blue bird was replaced with a white letter X on a black background. Twitter CEO Elon Musk published on his page a photo of the company's headquarters with a projection of the new logo.
Amid news of the social network's renaming, scam tokens X appeared on decentralized exchanges. Among the dozens of low-liquidity tokens that have appeared, there are those whose developers assure of their intentions to develop them, but there are also those that look like a blatant attempt at fraud under the scheme of "pump and dump". AI-X token with a logo resembling the new logo of the social network jumped in price more than ten times. Another, called Deus X, rose 2,600% after Musk's tweet. Our experts warn all of these projects have nothing to do with social network X.
