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June 19, 2022

Elon Musk Says He Still Supports Dogecoin Amidst Lawsuit Scandal

Even a class-action lawsuit filed against Elon Musk for $258 billion alleging that he was running a cryptocurrency pyramid scheme couldn’t stop him from publicly showing his continued support for Dogecoin (DOGE).

On June 16, a district court in the state of New York received a class action lawsuit alleging that the world’s richest man, Elon Musk, and two of his companies, SpaceX and Tesla, were running a Ponzi scheme with DOGE tokens. The lawsuit asked the court to rule that trading cryptocurrencies like DOGE in the United States constitutes gambling and demanded that Musk pay a total of 258 billion dollars in monetary damages.

The cryptocurrency community, on the other hand, did not react favorably to the lawsuit, and business owners quickly began to mock the move. Musk, too, appeared to be unfazed by the allegation, as evidenced by the fact that he doubled down on his love for the Dogecoin ecosystem in the tweet that was previously mentioned.

On June 18, the creator of Dogecoin, Billy Markus, who is no longer involved in the project, shared his vision for Dogecoin that goes beyond the hype. He recommended that the developers focus more on the utility and security of the cryptocurrency. In response to Markus’s suggestion, Musk provided a response that was “More currency-like.”

Markus was given additional peace of mind when the wealthiest individual in the world expressed his willingness to accept dogecoin as payment for services in addition to Tesla and SpaceX merchandise.

It has been discovered that dishonest actors are putting out deepfake videos in an attempt to capitalize on the success that Elon Musk has had with cryptocurrency scams.

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Musk discovered a fabricated video that was making the rounds on the internet. In the video, an impersonator using a deepfake was pretending to be the entrepreneur giving a TED Talk. The deepfake version of Musk was seen in the video promoting a cryptocurrency platform that boasted returns on cryptocurrency deposits of 30 percent.