Wednesday, June 12, 2024

Following a $258 billion lawsuit, Elon Musk’s support for Dogecoin has become even greater.

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.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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