Texas and other U.S. financial regulators ordered that a crypto-based “investment scheme” that purported to use artificial (AI) cease all activity on Wednesday in an Order.

The scheme run by Horatiu Carageanu, The Shark on Wall Street, and Hedge4.ai is known to market coins called truthGPT Coins (TRUTH). The token uses images of Tesla CEO Elon Musk, Binance Chief executive officer Changpeng “CZ Zhao” and Ethereum cofounder Vitali Buterin. This was confirmed by the Texas State Securities Board. They were joined by counterparts from New Jersey, Alabama and Montana.

In a recent statement, Texas Securities Commissioner Travis J. Iles stated that “Artificial Intelligence is buzzing.” “Bad actors are continuing to try and capitalize on the widespread public interest.”

The truthGPT claims to use machine-learning to predict future crypto values, and offers unregistered or not-permitted securities for Texas residents. Caragaceanu, based in California as well as Bucharest, has promised outrageous returns on coin offerings which now have no value.

The regulators have also named other ventures of Caragaceanu including The Shark of Wall Street, Hedge4.ai, the GPTX Token and Hedge 4 Non-Fungible Tokens (NFT).

The owner of Hedge4.ai’s Telegram channel, who spoke to CoinDesk on behalf of the company, said that Hedge4.ai is “not a sham investment” and does not “sell GPTX in America.”

Parikshit Miishra is the editor.