The promoter of cryptocurrencies dubbed TruthGPT Coin and Elon Musk AI Token is being issued cease-and-desist orders from several state regulators, including Texas, seeking to crack down on scams looking to capitalize on the growing discourse around artificial intelligence. 

The cryptocurrencies are “part of a fraudulent securities scheme” allegedly perpetrated by a resident of San Francisco, Horatiu Charlie Caragaceanu, and related companies including The Shark of Wall Street, Texas officials said in a filing Wednesday. The issuer allegedly claimed the tokens have an Elon Musk-developed artificial-intelligence and machine-learning predictor algorithm to uncover lucrative ways to investing. They also claimed to plan to take their companies public.