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Elon Musk's $258 Billion Dogecoin Lawsuit: DOGE Architects Reject Allegations

Mon, 09/18/2023 - 12:11
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Gamza Khanzadaev
Dogecoin creator and lead contributor reject allegations of assisting Elon Musk as lawsuit worth $258 billion progresses
Elon Musk's $258 Billion Dogecoin Lawsuit: DOGE Architects Reject Allegations
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In the latest chapter of the legal saga surrounding Dogecoin, the investors' lawsuit against Elon Musk and the Dogecoin Foundation has taken a surprising turn. The case, which seeks a staggering $258 billion in damages, mentioned several major influencers associated with the popular cryptocurrency. These individuals are accused of aiding the defendants by generating positive content on social media in exchange for undisclosed benefits, including royalties linked to impressions on X (formerly Twitter).

Dogecoin Creator Calls DOGE Dead Community

Among them is Billy Markus, one of the creators of Dogecoin, who is known by the pseudonym Shibetoshi Nakamoto, and a prominent DOGE community member known as Mishaboar. However, both Markus and Mishaboar have denied the allegations and expressed their bewilderment at being included in the court documents.

Markus, in his response, pointed out the inaccuracies in the lawsuit, stating that he is not associated with Elon Musk, has posted negative comments about Dogecoin and resigned from his nonrole in the Dogecoin Foundation some time ago.

Mishaboar also took to social media to express frustration at being labeled a Musk sycophant. They stated that their interactions with Musk on social media were not always conciliatory and highlighted that his criticism had led to temporary shadowbans on his account. The developer adamantly denied receiving ad revenue from X and reiterated his commitment to educating users about Dogecoin and crypto in general.

Elon Musk's Latest Silence on Dogecoin (DOGE) Might Mean These 3 Things

As the lawsuit unfolds, it remains to be seen how these allegations will affect the broader Dogecoin community and whether the $258 billion in damages sought will hold up in court.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.