Elon Musk confirms that X, formerly Twitter, will not launch its own crypto token.
Elon Musk, owner of X (formerly known as Twitter), has categorically stated that his platform will never launch its own cryptocurrency token. This claim came in response to a user warning urging others not to fall for fake tokens or memecoins posing as official X crypto projects.
“Elon Musk and 𝕏 never launched a crypto token. Be careful of such articles,” tweeted @DogeDesigner on August 4, to which Elon Musk replied that “And we never will.” This statement has made it clear that despite the proliferation of small-cap tokens being associated with X, Twitter, or Musk, the platform has no plans to launch its own token.
User @xCaiusLai replied he hoped that “this doesn’t rule out embracing Blockchain technology entirely. Blockchain can still offer many benefits to 𝕏, like transparency, security, and decentralized operations. Keen to see how 𝕏 may leverage this tech in the future!”
Preventing Crypto Scammers from Using Elon Musk to Steal Users?
In recent years, Twitter has been overrun by crypto scammers using Elon Musk’s likeness to mislead unsuspecting investors. More often than not, these scammers have used free Twitter accounts to carry out their scams, buying paid ads, and even promising heavy users could win a trip to Mars or a Neuralink brain chip, all thanks to Elon Musk.
A few years ago, hackers created a page with a fake video of Musk promoting a Neuralink-branded cryptocurrency. Although Musk has promoted Bitcoin and Dogecoin in the past, he has never released his own coin for Neuralink, Tesla, SpaceX, or any of his other brands.
“I am here to tell you about the Neuralink crypto token, the cryptocurrency that will change the world forever,” said the fake Musk in the video. “With this token, you have a unique opportunity to invest in the future of brain-machine interfaces,” continued the fake Musk.
The video is fake, but there are elements in the upper corners, including the Wall Street Journal logo and the word “live,” that fool the careless user. The fake video was made using a clip from an interview Musk did in December 2021.
The scam website also promised that anyone who buys a large amount of these fraudulent tokens would be able to talk to Elon Musk himself, likely an opportunity for scammers to get more money from anyone who thinks they are talking to the real CEO of Twitter.
The most heartbreaking story to emerge from consumer complaints was someone who knew they had been scammed out of a fake Tesla token but insisted that Elon Musk actually released some kind of token.
Just to be clear, Musk did not launch a new token and has no plans to do so. Consequently, it is always recommended to do your research thoroughly before making any major investment decisions.
Musk’s Impact on the Cryptocurrency World
Musk has been closely associated with Dogecoin, the dominant meme cryptocurrency. On one occasion, the owner of X changed the Twitter logo to that of Dogecoin, which caused a sharp increase in the price of the coin at the time. However, despite his influence in the cryptocurrency world, Musk has made it clear that X will not go down the path of tokenization.
By Audy Castaneda
