During a recent “X Takeover” event, Tesla (NASDAQ:TSLA) CEO and “X” website owner Elon Musk urged the public not to take any projects bearing his face seriously — they could be vulnerable to scams promoting cryptocurrencies.
“I will not promote cryptocurrencies - at most, as a joke,” the world's richest man said. “If you see me promoting cryptocurrencies, that's not me. But I kind of have a soft spot for Dogecoin because I love dogs and memes.”
Over the past year, there has been an increase in scams involving cryptocurrencies on social media platforms, including on Musk-owned Twitter, now known as X.
During the speech, Musk urged the public to be "careful" about projects that claim to be linked to the tech mogul. Musk warned against projects that use his name or face.
However, the scale of X fraud remains a major concern for security experts.
Musk's previous social media posts have frequently referenced Dogecoin, a popular cryptocurrency with a market cap of more than $18 billion.
In the past, Musk faced a lawsuit over his promotion of Dogecoin on Twitter, with investors labeling his social media content as “cryptocurrency market manipulation.” However, Musk's legal teams denied the billionaire's involvement in the meme coin's price-moving schemes. “There is nothing illegal about tweeting words of support or memes about a legitimate cryptocurrency,” they argued.
