As a researcher who has closely observed the cryptocurrency market over the past decade, I must say that the recent dismissal of the class-action lawsuit against Elon Musk regarding Dogecoin feels like a breath of fresh air. The legal battle had been a heavy weight on the community, particularly the Dogecoin Foundation and its core developers, founders, and community members who were initially named in the suit.
Notably, the ongoing legal action against Elon Musk, the CEO of Tesla, involving Dogecoin worth approximately $248 billion, has been withdrawn by the plaintiffs from the Dogecoin community.
2022 saw a lawsuit being brought forward, asserting that Elon Musk had made misleading remarks concerning Dogecoin. This, it is alleged, resulted in significant financial losses for investors. The complainants referred to specific instances like Musk’s performance on Saturday Night Live in 2021, which coincided with a steep drop in the value of Dogecoin, and his choice to swap the X logo for the doge mascot last year.
On Thursday, attorneys for Elon Musk and the Dogecoin investors requested that a Manhattan federal judge oversee the resolution of their case. This entails withdrawing the appeal notice filed in September and dismissing any remaining motions, aiming to bring an end to the proceedings.
Relief for Dogecoin community
During the entire court case, the Dogecoin Foundation consistently supported its primary developers, founders, and community members who were initially implicated in the lawsuit. Great efforts were made to dismiss these individuals from the case as quickly as possible, and now that the case has been resolved, the Dogecoin Foundation is expressing relief.
The Foundation’s announcement emphasized the impact that the legal proceedings had on the larger Dogecoin user group.
In a tweet, the Foundation expressed relief that the ordeal is finished. They stood up for core developers, founders, and community members who were initially named in the lawsuit, and were happy to see them cleared early. However, they could have thought of better ways to spend the substantial amount of money they spent on legal fees associated with this case.
We’re relieved that this ordeal has come to an end. Initially, we had to defend core developers, founders, and community members who were named in this lawsuit. It was a relief to see them removed early on. However, we could have envisioned more pleasant ways to spend the substantial amount of money we spent on legal fees during this process.
— Dogecoin Foundation (@DogecoinFdn) November 15, 2024
Musk, who’s famous for backing Dogecoin, continues to be a key figure championing its cause. Now that the legal matters have been settled, the Dogecoin Foundation is eagerly working towards the next significant leap for Dogecoin.
This week, the Dogecoin Foundation shared that they are putting in a lot of effort on a project called Dogebox. The aim of Dogebox is to simplify the process for users to operate their own Dogecoin full node, receive Dogecoin payments, and construct innovative solutions based on it.
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2024-11-16 16:32