Back to the list

Elon Musk Continues To Support Dogecoin Even After $258 billion class-action lawsuit Against Him

www.thecoinrepublic.com 21 June 2022 02:09, UTC
Reading time: ~2 m

  • Musk undying support for meme-token Dogecoin is seen yet again as he tweets in favor of the asset class amidst crypto pyramid schemes filling against him.
  • A lawsuit is filed against the world’s richest man, alleging he conducted a Ponzi scheme using DOGE, 258 billion as total monetary damages are being demanded. 
  • Meanwhile, the creator of Dogecoin, Billy Markus, who has dissociated from the project advised Dogecoin developers to focus on utility and security. 

Elon Musk continues to show support for his “favorite cryptocurrency” even as a $258 billion class-action lawsuit alleging a crypto pyramid scheme is filed against him.

A class complaint against Musk and his companies, Tesla and SpaceX, was registered in a New York district court on Thursday alleging him of carrying out a Ponzi scheme using DOGE. $258 billion as total monetary damages are demanded from Musk. On top of that, it also requested the court to rule DOGE trading as gambling in the United States. 

I am

— Elon Musk (@elonmusk) June 19, 2022

However, the crypto community didn’t seem to agree with the lawsuit as entrepreneurs criticized the move. Meanwhile, the world’s richest man too wasn’t affected that much as even amidst all the mess he poured down his love for Dogecoin in a recent tweet. 

Meanwhile, Billy Markus, the creator of Dogecoin, who is no longer associated with the project also shared his vision regarding the asset class as he recommends the DOGE devs give priority to security and utility. Responding to Markus’s suggestion, Musk says he agrees and replied with “More currency-like.”

Further, the Tesla boss also gave assurance to Markus saying that he is in favor of utilizing Dogecoin as payment for other services and as well as in Tesla and SpaceX merch.

As reported earlier, Malicious actors, on the other hand, are releasing deepfake videos marketing cryptocurrency scams and typing to earn some money through it. 

Elon Musk's deep fake video promoting a new cryptocurrency scam going viral. The video claims that the trading platform is owned by Elon Musk, and offers 30% returns on crypto deposits. @elonmusk pic.twitter.com/iJeUvHYc5p

— DogeDesigner (@cb_doge) May 24, 2022

While scrolling on the internet, Musk too came across one such video of his. In the video, a deepfake is seen mimicking the SpaceX CEO on a TED Talk. In the fake version, Musk can be seen promoting a crypto platform that claims 30% returns on crypto deposits.

Back to the list