Elon Musk’s Support for Dogecoin Grows After $258 Billion Lawsuit


Even a $258 billion class action lawsuit alleging a crypto pyramid scheme couldn’t stop Elon Musk from publicly displaying his continued support for Dogecoin (DOGE).

On June 16, a New York District Court received a class action lawsuit against the world’s richest man, Elon Musk, and his companies, SpaceX and Tesla, for an alleged Ponzi scheme using DOGE tokens. The lawsuit sought $258 billion in total damages from Musk while asking the court to declare the DOGE trade gambling in the United States.

The lawsuit, however, did not resonate with the crypto community as entrepreneurs began to ridicule the move. Musk, too, was seemingly unwavering in the face of the allegation as he doubled down on his love for the Dogecoin ecosystem with the tweet above.

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On June 18, Dogecoin creator Billy Markus, who is no longer part of the project, shared his vision for Dogecoin that goes beyond the hype – recommending developers to focus more on its utility and security. Musk agreed with a “More currency-like” response to Markus’ suggestion.

The richest man in the world further reassured Markus by sharing his openness to using Dogecoin as payment for other services besides Tesla and SpaceX products.

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Related: ‘Yuck!’ Elon Musk warns users about the latest crypto deepfake scam

Bad actors trying to cash in on Musk’s success were discovered posting deepfake videos promoting cryptocurrency scams.

Musk came across a fabricated video doing the rounds on the internet, in which a deepfake was used to impersonate the entrepreneur on a TED Talk. In the video, the deepfake version of Musk was found promoting a cryptocurrency platform that offers 30% returns on crypto deposits.

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