Elon Musk the tech mogul has been one of the fiercest advocates of cryptocurrencies and DeFi. But with the $258 billion lawsuits against him, he has doubled down on his support for these DeFi projects, especially Dogecoin (DOGE).
Thursday last week a New York court received a lawsuit against Elon Musk with his companies Tesla and SpaceX also named in the class-action lawsuit. These are regarding a Ponzi scheme that had DOGE involved in it too. The lawsuit also went as far as to say the DOGE trading is gambling.
The class-action lawsuit was not received well by the crypto community and many started ridiculing the lawsuit. Musk too double downed and tweeted that he will keep supporting Dogecoin. The creator of Dogecoin, Billy Markus who is no longer a part of the project said that developers should look at the utility of the coin rather than its value.
Deep Fakes of Elon Musk promoting crypto scams have surfaced in the past but he has always been quick to shut down any such practices. He actively responds to such allegations and clears his stance on things too. On May 25th he also debunked a deepfake of his that tried to cash in on his success.
In the video, Elon claimed that people can get up to 30% returns on their crypto investments. He was quick to denounce these claims and even put up a tweet asking people to not fall for the trap. With the world of crypto expanding it is important for newer entrants to be vigilant and focus on long-term goals.