Tesla and SpaceX CEO Elon Musk has responded to recent claims that Dogecoin (DOGE) was granted access to sensitive payment systems, sparking security concerns in the financial sector.
Musk, a well-known supporter of DOGE, took to X (formerly Twitter) to dismiss the allegations, calling them “absurd” and emphasizing that Dogecoin operates as a decentralized cryptocurrency with no direct integration into restricted financial networks.
“People need to fact-check before spreading nonsense. DOGE is a public blockchain, not some backdoor into banking systems,” Musk posted.
The controversy emerged after unverified reports suggested that DOGE had been used to bypass security protocols in payment infrastructure. However, no credible evidence has surfaced to support these claims, and major financial institutions have denied any breaches related to Dogecoin.
Despite the rumors, DOGE’s market price saw a brief surge following the speculation, reflecting the crypto community’s continued enthusiasm for the meme-inspired currency.
Regulators and cybersecurity experts are closely monitoring the situation, but as of now, the claims appear to be unfounded.