The developers of Bankrbot, a popular bot that allows users on X to launch memecoins directly from the platform, have recalibrated their system to stop responding to commands from Grok, an AI model developed by Elon Musk's xAI.
The reason is due to Grok's interactions, resulting in the creation of 17 tokens, of which the most notable token, DRB, reached a peak market capitalization of over 40 million dollars and is currently trading at around 18 million dollars.
This event began in early March when users requested Grok to suggest token names for Bankrbot. Grok proposed 'DebtReliefBot' or DRB, and Bankrbot complied with the request to issue the token using Clanker, an automated token deployment tool on the Base blockchain.
This deployment includes setting up a liquidity pool, often on Uniswap DEX on Base, using Clanker protocol. Bankrbot's design includes a feature where a unique wallet address on Base is automatically created for users when they first interact directly with the bot.
Such interactions include direct mentions or issuing commands that will trigger wallet creation through the Privy integration, a Web3 authentication tool that connects X login credentials with a cryptocurrency wallet. Users can manage their wallets through Bankrbot's website if they wish to access it using X login credentials.
Initially, to create a new token, all accounts needed to hold 5 million Bankr tokens. However, this requirement has now been removed. When Grok proposed for Bankrbot to deploy the token, the wallet did not have enough Bankr tokens. A member of the Bankrbot community sent the necessary tokens to Grok's corresponding wallet, allowing the deployment of the DRB token.
Grok's popularity and willingness to propose token names has led to subsequent deployments. Users requested Grok to release an additional 16 tokens, hoping to capitalize on the 'Grok brand'. As a result, new tokens were created through Bankrbot based on Grok's proposals and deployed on Clanker.
Clanker's protocol ensures that the smart contracts for these tokens lock liquidity and allocate creator fees (which take up 0.25% of swap fees) to the wallet associated with the token. This system is similar to designs in platforms like pump.fun on Solana. According to on-chain data on Dune, the wallet linked to Grok's username has accumulated over half a million dollars in fees from these transactions.
The anonymous founder 'Deployer' of Bankrbot stated that the wallet will soon reach millionaire status. However, due to concerns about Grok's ability to manage the wallet responsibly and protect its funds, Deployer decided to stop responding to Grok's commands.
"We have made adjustments so that Bankr no longer responds to Grok on X. Grok was not designed to manage a wallet responsibly and protect its funds," the founder said.
