Even a $258 billion class-action lawsuit accusing him of running a cryptocurrency pyramid scheme couldn’t stop Elon Musk from publicly stating his continued support for Dogecoin (DOGE).
A class-action lawsuit against the world's richest man, Elon Musk, and his companies SpaceX and Tesla was filed Thursday in New York District Court alleging they used DOGE to run a Ponzi scheme. The lawsuit seeks a total of $258 billion in damages from Musk and asks the court to rule that the DOGE deal is a gambling practice in the United States.
However, the lawsuit did not resonate with the crypto community, with entrepreneurs starting to scoff at the move. Musk also seemed unfazed by the accusation, doubling down on his love for the Dogecoin ecosystem on Twitter.
On Saturday, Dogecoin founder Billy Markus (who is no longer part of the project) shared his vision for Dogecoin, advising developers to focus more on its utility and security rather than hype . Musk responded "more like currency" to Marcus's suggestion.
Musk further assured Marcus that he is open to using Dogecoin as payment for services other than Tesla and SpaceX merchandise.
It was discovered that deepfake videos were released by bad actors trying to cash in on Musk's success to promote a cryptocurrency scam.
A fake video circulating online uses a deepfake to mimic Musk's appearance in a TED talk. In the video, a deepfake version of Musk is promoting a cryptocurrency platform, claiming a 30% return on cryptocurrency deposits.