Not even a $258 billion class action lawsuit alleging a crypto pyramid scheme could stop Elon Musk from publicly showing his continued support for Dogecoin (DOGE).
On June 16, a district court in New York received a class-action lawsuit against the world’s richest man, Elon Musk, and his companies SpaceX and Tesla over an alleged pyramid scheme involving DOGE tokens. The lawsuit sought a total of $258 billion in damages from Musk and asked the court to condemn DOGE trading in the United States as gambling.
I will continue to support Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
However, the lawsuit failed to gain traction in the crypto community as entrepreneurs began mocking the move. Musk, too, was seemingly unshakable by the accusation as he doubled down on his love for the Dogecoin ecosystem with the above tweet.
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 – and recommended that developers focus more on its utility and security. musk I Agree with a “more currency-like” response to Markus’ suggestion.
The richest man in the world next calmed down Markus by sharing his openness to using Dogecoin as payment for other services on top of Tesla and SpaceX merch.
Related: ‘Oops!’ Elon Musk Warns Users About Latest Deepfake Crypto Scam
Bad actors trying to cash in on Musk’s success have been found posting deepfake videos promoting cryptocurrency scams.
whoops Definitely not me.
— Elon Musk (@elonmusk) May 25, 2022
Musk came across a made-up video online that used a deepfake to impersonate the entrepreneur at a TED talk. The deepfake version of Musk was found in the video, promoting a cryptocurrency platform with 30% return on crypto deposits.