Elon Musk's Twitter Antics Prompt Launch of Risky Lorde Edge, Abide(N) Crypto Coins

Dubious new cryptocurrencies have been launched this weekend, apparently directly inspired by Elon Musk tweets.

Several such tokens were deployed on Monday morning under the name "Lorde Edge" or similar, shortly after Musk changed his Twitter name to "Lorde Edge."

Another token, called "abide(N)," was launched on Sunday not long after Musk tweeted the following:

* abide(n)

— Lorde Edge (@elonmusk) November 6, 2021

There was little to no information on their teams as of Monday which may ring alarm bells for wary investors, especially just days after the high-profile collapse of the Squid Game token that has been widely referred to as a scam and resulted in the loss of millions of people's dollars.

TheBitTimes' cryptocurrency search function shows several tokens apparently inspired by Musk's new "Lorde Edge" name, each with slightly different variations.

One Lorde Edge token, for example, has been plugged on Reddit by a user who said they were part of the token's development team, in a post marked by dubious claims—"We will be always first who create safe contract with a name decided by non other than Elon Musk himself!"

There is no evidence that Musk collaborated with the token's development.

The flurry of tokens has led to activity on the Telegram channel of Elon Tweet, a group that state on their website that they design tokens specifically with the aim of getting their prices increased off of the back of the attention that Musk's tweets tend to generate, and explicitly states that it makes use of bots to "get the word out throughout Telegram."

There is no whitepaper as such; rather a tongue-in-cheek drawing of an "infinite money exploit" that explains how tweets from Musk, referred to as "Electric Car Man," inadvertently makes tokens profitable by tweeting.

There appears to be no information on the identities of the development team.

In a Cybertalk.org article written by Edwin Doyle, a security expert for Check Point Software, it's stated: "If you're interested in a DeFi project, you should research the development team and also look at the technical aspects that leave projects open to exploitation."

This includes reading the white paper associated with the tokens and finding out more about the owners of the project.

"Research the history of the founders," states the Bitnovo blog. "It is extremely important to research the history of the founders of the project, since we should not blindly follow any founder of whom we know nothing."

According to MarketRealist, some questions to ask when assessing a cryptocurrency token for safety include: How old is the crypto's website? Does it have spelling and grammatical errors? Is the token's liquidity extremely low?

Newsweek was unable to find much information on the tokens, like abide(n), apparently created in the wake of Musk's tweets this weekend.

Newsweek has contacted Elon Tweet for comment via email.

Even for legitimate tokens, experts have previously warned Newsweek about the risks associated with cryptocurrency trading.

Elon Musk
Elon Musk is pictured speaking at an event in California in December 2018. The Tesla and SpaceX CEO is very popular in the world of cryptocurrency. Robyn Beck/AFP / Getty