Twitter user claims CoinFactory created AGI, scam tokens

Recent concerns regarding AGI token have been expressed on Twitter by a user going by the handle @AegisWeb3 who claims it was developed by a platform with a history of producing fraudulent tokens.

Scam token warning

The tweet claims that CoinFactory, a platform that has purportedly produced 61 fake tokens in the past, launched AGI. The tweet also states that AegisWeb3, a tool that enables real-time monitoring of blockchain networks for shady behavior, found this information.

#AegisWeb3Alert #SCAM
AegisWeb3 detected that $AGI was created by a ⚠️CoinFactory(https://t.co/baQDQ3yo5q), which has created 61 scam tokens.@arbitrum pic.twitter.com/bM60tgooQj

— AegisWeb3 (@AegisWeb3) April 7, 2023

The SingularityNET platform’s native cryptocurrency, AGI, attempted to establish a decentralized market for AI services. Major heavyweights in the tech sector, such as Google and Huawei, have expressed interest in the project.

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The project’s validity and the possibility that it could be a hoax have been questioned in light of the news that CoinFactory developed AGI.

The production of fraudulent tokens by CoinFactory calls into doubt the trustworthiness and security of the whole crypto industry. It emphasizes the requirement for more industry regulation and supervision.

According to a statement released by SingularityNET in reaction to AegisWeb3’s results, AGI is a valid currency, and the platform is still dedicated to its goal of developing a decentralized AI market.

The platform has promised to strive toward these objectives but has also admitted that the crypto industry needs more accountability and transparency.

The fact that AGI was developed by CoinFactory is a sharp reminder of the dangers and difficulties that the crypto sector must overcome. It highlights the necessity for more regulation, responsibility, and openness.

However, it shouldn’t overshadow the potential advancements and benefits that blockchain technology and cryptos might offer society. The crypto sector can continue to expand and improve with the correct safeguards and precautions.

Read more: GPT-4 launch sparks 13.5% rally in AGIX price

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