Elon Musk sued for alleged 'Dogecoin pyramid scheme'
Dogecoin Cryptocurrency
Modified Date:- Published Date:-Categories: Dogecoin
Elon Musk, along with his companies Tesla and SpaceX, are facing a US$258 billion class-action lawsuit claiming they "engaged in a crypto pyramid scheme (aka Ponzi scheme) through the Dogecoin cryptocurrency". " Plaintiff Keith Johnson, a Dogecoin investor, has filed a complaint in federal court accusing the world's richest man of defrauding DOGE and raising its price, only to later let it fall. According to the complaint, “[the] defendants knew from 2019 that Dogecoin had no value, yet promoted Dogecoin to profit from their business”, adding that “Musk used the Dogecoin pyramid scheme for profit.” used his posture as the world's richest man to operate and manipulate, risk, and entertain". Johnson argues that DOGE is "mere fraud by which 'big fools' buy coins at exorbitant prices." is deceived for". The plaintiff seeks to represent a class of fellow investors who have lost money by trading DOGE since April 2019 and claim US$86 billion in damages and US$172 billion in compensatory damages. Additionally, Johnson is seeking an injunction to restrain Musk and his companies from promoting DOGE, and is declaring that DOGE trading is gambling under US and New York law.Musk famously joked that Dogecoin could become the currency of the world. In May, he announced that SpaceX would soon accept DOGE for goods and also discussed allowing payments at DOGE for certain Twitter services, should he become the owner of the social media platform - which he called for US$44 billion. achieved in.
DOGE Trading, Dogecoin Pyramid Scheme, Dogecoin Investors, Tesla, SpaceX, Crypto Pyramid Scheme, Dogecoin Crypto