The legal web encompassing the popular cryptocurrency Dogecoin, its major influencers, and technology mogul Elon Musk, is becoming increasingly entangled. The lawsuit lodged by investors, with a breathtaking claim of $258 billion in damages, has taken a fresh and unexpected turn.
The lawsuit names several high-profile figures in the Dogecoin community who are accused of colluding with the defendants to produce advantageous content across social media platforms. This content was allegedly disseminated in return for undisclosed benefits, potentially including royalties linked to impressions on the former Twitter platform, X.
Dogecoin co-creator, Billy Markus, recognized in online circles as Shibetoshi Nakamoto, and influential DOGE community member Mishaboar, are among those implicated in the lawsuit. Yet, both deny their involvement, expressing shock and confusion at their inclusion in the court documents.
Markus, resolute in his denial, noted a slew of inaccuracies present in the lawsuit. He stated his lack of association with Elon Musk, his critical commentary about Dogecoin, and his resignation from the Dogecoin Foundation quite some time ago. Markus remains bewildered, lamenting on the unfortunate reality of names being dragged through the mud unnecessarily.
Mishaboar echoes Markus’ sentiments. He fervently rejected any allegations of him being a ‘Musk sycophant.’ His interactions with Musk on social media, he claims, were far from always being amicable. In fact, he acknowledged his criticism of Musk had led to several temporary shadow bans on his account. Firmly refuting any claims of ad revenue from X, Mishaboar explained his sole purpose has been to educate about Dogecoin and broader crypto-related issues.
His response has since been taken down.
As this hefty lawsuit develops in the legal arena, it will be fascinating to observe how its ramifications ripple across the Dogecoin community. Whether the staggering sum of $258 billion in damages sought will be upheld in court remains to be seen. The case serves as a stark reminder of the volatility, complexity, and unpredictability of the current cryptocurrency landscape.