Not even a $258 billion class-action lawsuit alleging a crypto pyramid scheme could stop Elon Musk from publicly displaying his continued support for Dogecoin (DOGE). On Thursday, a New York district court received a class action complaint against the world’s richest man Elon Musk and his companies, SpaceX and Tesla, for an alleged Ponzi scheme using DOGE. The lawsuit demanded $258 billion in total monetary damages from Musk while requesting the court to rule DOGE trading as gambling in the United States. I will keep supporting Dogecoin — Elon Musk (@elonmusk) June 19, 2022 The lawsuit, however, did not resonate …

As the bear market bites, holding crypto investments can be a tough pill to swallow. Consider two of the largest bag holders of publicly traded companies. They are down by almost $2 billion dollars on their Bitcoin (BTC) buys. According to Bitcointreasuries.net, the 130,000 and 43,00 Bitcoin held by Microstrategy and Tesla, respectively, are worth considerable sums less. For Microstrategy, Michael Saylor splashed out almost $4 billion ($3,965,863,658) on 129,218 BTC, approximately 0.615% of the 21 million total supply. The Bitcoin price nosedive has ripped away earlier gains: The investment is worth $3.1 billion ($3,074,987,824), a loss of $900 million. …

Billionaire Elon Musk and Dogecoin (DOGE) co-founder Jackson Palmer are locked in battle on social media over Palmer’s claim that he could remove Twitter bots with a simple Python script. Australian Palmer said in an interview that his script was capable of automatically tweeting replies to scam tweets as a way of indicating that users should beware of the danger. He told news outlet Crikey on Monday that Musk had reached out to get the script but claimed the billionaire’s technical knowledge was so deficient that he didn’t know how to run it: “Elon reached out to me to get …

Just four months after electric vehicl manufacturer Tesla started accepting Dogecoin (DOGE) for merchandise purchases, Elon Musk announced his plan to extend the payment option for his space exploration company, SpaceX. Musk, CEO of SpaceX and Tesla, has been a staunch supporter of the DOGE ecosystem since 2019 and has since publicly revealed interest in accepting memecoin payments across his multibillion-dollar enterprises. Tesla merch can be bought with Doge, soon SpaceX merch too — Elon Musk (@elonmusk) May 27, 2022 Historically, Musk’s pro-DOGE tweets have had an immediate and positive impact on DOGE’s market prices, as investors try to cash …

Spam and bots have been annoying anyone that uses the internet for years, but recently, this digital scourge has ramped up activity in the crypto sector in a big way. Crypto intelligence provider LunarCrush has revealed spam in the cryptosphere has increased by an astonishing 3,894%. The firm has been collecting crypto-specific social data since 2019 and says not only is spam at an all-time high, it’s also “the fastest growing metric on social media.” The findings were published in a Thursday report, stating that “more spam accounts than you would think are actually people.” For this reason, it is …

Tesla CEO Elon Musk distanced himself from yet another fabricated video promoting a cryptocurrency scam. Originally shared on Twitter, the video in question was a deepfake of Musk purportedly promoting a cryptocurrency platform boasting 30% returns on crypto deposits. Scammers made use of original footage from a TED Talk featuring Musk and curator Chris Anderson at a TED conference in Vancouver in April this year. The tweet and video caught the attention of Musk, himself, who has been increasingly active since his move to acquire the social media platform for an estimated $44 billion. The Tesla CEO and SpaceEx founder …

Bitcoin (BTC) stayed $1,000 lower on May 19 after a grim trading session on Wall Street the day before slowed further upside. Musk blasts ESG “scam” after S&P 500 exit Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $29,000 at the time of writing, having bounced at $28,600 on Bitstamp. The pair had declined in step with United States equities, with the S&P 500 particularly in focus as it set its largest intraday decline since June 2020. Drama over Tesla, which was removed from the S&P 500’s ESG Index amid ongoing controversy, fuelled the poor performance. The firm’s …

Bitcoin (BTC) failed to clinch $31,000 by the Wall Street open on May 13 as new warnings forecast a continuation of the downside. Dollar declines, stocks bounce at week's end Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating after reaching just short of $31,000 earlier on the day. United States stock markets saw some relief, the S&P 500 up 2.2% and the Nasdaq gaining 3.3% on the open. The conspicuous exception was Twitter stock, which at the time of writing traded down 7.7% on the day, thanks to Elon Musk delaying his takeover bid. In parallel to the …

Dogecoin (DOGE) shows the prospect of undergoing a strong price rebound after reaching a technical support confluence on May 12. DOGE price 25% bounce incoming? DOGE's 45% price drop to $0.065 this week, or a 90% decline from its record high of $0.76 a year ago, was met with decent buying sentiment. As a result, the token underwent a modest price rebound on May 12, rising over 10% to $0.078. Interestingly, Dogecoin's upside retracement move started near a confluence of two support levels: a multi-month downward sloping trendline and a horizontal line that preceded a 335% price rally in the …

Twitter’s decentralized social media project Bluesky has released its first batch of code and also committed to content moderation on the network. Former Twitter CEO Jack Dorsey first announced Bluesky back in late 2019, but the project went independent in February after receiving $13 million worth of funding from Twitter. However, Dorsey is still a member of the board. Bluesky released its “Authenticated Data eXperiment” (ADX) protocol code via a Thursday blog post titled “Working in Public.” The team noted that it will be publicly sharing the process of developing the platform by “releasing work before it’s complete, but also …

Major crypto exchange Binance has participated in Elon Musk’s $44 billion acquisition of Twitter, according to data filed with the United States Securities and Exchange Commission. On May 5, Musk filed an amended general statement of the acquisition, announcing that Twitter received an aggregate of about $7.2 billion in new financing commitments in connection with the merger agreement, subject to the conditions in co-investor equity commitment letters. According to the document, Binance is one of 18 co-investors in the acquisition alongside major crypto industry players like Sequoia Capital Fund and Fidelity Management and Research Company. Having invested $500 million, Binance …

Fresh from bidding to Purchase Twitter, Elon Musk, the billionaire CEO and founder of Tesla, sparked a stir on the social media this morning when he changed his profile photo to a collage picture featuring multiple Bored Apes nonfungible tokens (NFTs). Musk’s Twitter avatar as of Wednesday shows a picture featuring a collection of Bored Apes with Ape 5809 stacked in the middle. The NFTs are all from different artists, each with a unique design and serial number. Bored Apes are highly coveted among NFT collectors. So popular that when Yuga Labs, the company behind the Bored Ape NFT, launched …