Elon Musk’s support for DOGE is only getting stronger after receiving a $258 billion class-action lawsuit, as he remains unshaken by the allegations that he took part in a crypto pyramid scheme involving Dogecoin so let’s read more today in our latest DOGE news.
Elon Musk’s support for DOGE grows bigger and even tweeted that he will keep on supporting DOGE. The $258 billion class-action lawsuits hoped to see Musk stop his publicly expressed support for DOGE. A few days ago, the New York district court recieved a class action complaint against Elon Musk and his companies for an alleged Ponzi scheme that involved the DOGE tokens. The lawsuit demanded $258 million in total monetary damages from Musk while requesting the court to rule the DOGE trading as gambling in the US.
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
The lawsuit didn’t resonate with the crypto community with many making fun of the move. Musk was also not really bothered by the allegations as he doubled down on his love for the DOGE ecosystem. The DOGE creator Billy Markus who is also not a part of the project anymore shared his vision for Doge that goes beyond the hype and recommended the developers focus on utility and security. The world’s richest man reassured Marku by sharing his support and openness to use DOGE as a payment method for other services in addition to the SpaceX and Tesla merch.
Bad actors that try to cash in on musk’s success were found to be releasing deepfake videos that promote crypto scams. Musk came across a fabricated video that made the rounds on the Internet where a deepfake was used to mimic the billionaire in a TED talk show. In the video, the version of Musk was found promoting a crypto platform that boasted 30% returns on the crypto deposits.
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
As recently reported, Keith Johnson is seeking class-action status for the suit and aims to represent other investors as well. Dogecoin was originally designed in 2013 as a joke to make fun of BTC but it went from being a funny meme coin to arguably the most talked-about cryptocurrency space in 2020 and 2021. The lawsuit alleges that Tesla’s CEO Elon Musk posted memes about DOGE on Twitter and resulting in pumping the price so now it is the 11th biggest digital asset with a market cap of $7.5 billion while this number was also higher at $88 billion at one time and surpassed the marekt cap of many other companies on the S&P 500.
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