Update on Elon Musk’s billionaire Dogecoin lawsuit

A new update on the legal case involving Dogecoin investors against billionaire Elon Musk and the Dogecoin Foundation. The lawsuit filed by cryptocurrency investors focuses on compensation of US$258 billion, mentioning several influencers linked to the meme currency.

In the legal case, DOGE influencers were accused of assisting the defendants by generating positive content on social media platforms about the cryptocurrency.

The list included the name of Billy Markus, one of the creators of Dogecoin, known as Shibetoshi Nakamoto. However, he denied being associated with Elon Musk, and highlighted that he has already resigned his position at the Dogecoin Foundation.

“It also says I’m an associate of Elon (I’m not), I never post anything negative about dogecoin (completely false, I post negative shit about crypto consistently, it even quoted me previously posting negative shit, so it’s contradictory), and I’m part of the foundation dogecoin (I resigned from my position some time ago)”, he said.

lel, it also says i’m an associate of elon’s (i’m not), i never post anything negative about dogecoin (completely false, i post negative shit about crypto consistently, it even quoted me earlier posting negative shit, so it’s contradictory), and i am part of the dogecoin…

— Shibetoshi Nakamoto (@BillyM2k) September 18, 2023

It is worth remembering that Elon Musk’s lawyers asked a United States judge to reject a US$258 billion lawsuit filed by investors in the Dogecoin cryptocurrency.

Claiming the lawsuit is a “fantastic work of fiction,” Musk’s lawyers asserted that his social media comments in support of Dogecoin were too vague to justify a fraud claim. They stated that there is nothing illegal about tweeting words of support or funny images about a legitimate cryptocurrency that holds a market value of nearly $10 billion.

Investors alleged that Musk operated a pyramid scheme to promote Dogecoin, increasing its price by more than 36,000% in two years and then letting it fall. Last year’s initial lawsuit alleged he used his pedestal as the world’s richest man to operate and manipulate the scheme.

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