Elon Musk is sued for $258 billion over a Dogecoin pyramid scam

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A dogecoin investor has launched a $258 billion lawsuit in the direction of Elon Musk and his companies Tesla and SpaceX, alleging that the billionaire’s promotion of the digital international cash has triggered its price to rise and fall.

In a lawsuit filed in federal courtroom docket in Manhattan, plaintiff Keith Johnson accused Musk, Tesla Inc., and SpaceX of racketeering for promoting Dogecoin and pushing up its worth, solely to subsequently let the worth fall.

Johnson thinks that patrons have misplaced about $86 billion since Musk began promoting digital international cash. He wants Musk to pay once more the money he took from them, along with an additional $172 billion in damages.

Dogecoin was created in 2013 as a satirical response to 2 foremost on-line phenomena: cryptocurrencies resembling bitcoin and a Shiba Inu canine meme. For a lot of of its historic previous, dogecoin was traded at a fraction of a cent.

All through this time, Musk frequently tweeted about DOGE and appeared on Saturday Night Reside, the place he described the coin as a “hustle.”

Dogecoin’s price has plummeted 92% since its doc extreme in Would possibly of ultimate yr, in step with CoinMarketCap.

However, on Thursday, it was worth decrease than six cents. Johnson believes that Musk’s endorsement of Dogecoin has raised its “price, market cap, and trading volume,” in step with Johnson.

A tweet from the richest man on the earth, who has larger than 98 million followers on Twitter, along with one pledging to put a “literal Dogecoin on the literal moon” was included in his presentation.

On account of it takes dogecoin as price for some spinoff objects, Johnson sued Elon Musk’s Tesla electrical automobile agency. The dogecoin-named SpaceX satellite tv for pc television for computer was moreover included throughout the report.

Since dogecoin is neither a product nor money, Johnson in distinction it to a pyramid rip-off. The quantity of “coins” can be limitless on account of it is not backed by any real-world asset the least bit.

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