Elon Musk sued for promoting Dogecoin

Elon Musk Sued Promoting Dogecoin

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A lawsuit has been filed against Elon Musk, Tesla, and SpaceX for participating in the advancement of Dogecoin, which the tipster claims are a fraudulent business model.

A “cryptocurrency pyramid scheme” in which Elon Musk has participated

Elon Musk and his organizations are being sued for the advancement of Dogecoin.

According to Bloomberg, the lawsuit is filed by Keith Johnson, a US resident who professes to have been “swindled out of cash by [Musk’s] Crypto Pyramid Scheme.” Johnson is seeking a whopping $258 billion in punitive fees. The case was recorded today in the Southern District of New York.

The suit concerns Musk and his two main organizations, SpaceX and Tesla. Johnson claims that they were important to an illegal blackmail scheme that aimed to increase the cost of Dogecoin. “Defendants dishonestly and misleadingly make the case that Dogecoin is genuine speculation when it is worthless by any stretch of the imagination,” Johnson said in the objection.

Elon Musk became the most extravagant man on the planet in 2021; His total net worth is currently valued at $202 billion. The erratic businessman’s tweets were a major driver of Dogecoin’s brilliant rise last year. The coin peaked intact around the time Musk dedicated an entire sketch to it on Saturday Night Live.

Johnson wants to target a class of market members who have lost cash in the notorious digital currency. He is requesting $86 billion in punitive fees despite high-tone damages of $172 billion. Furthermore, he wants the Dogecoin exchange to be advertised as staking under New York regulation, and for Musk and his organizations to be taboo for advancing the coin at any point down the road.

Despite boisterously pushing the coin, neither Musk nor his organizations are known to have had any association with his turn of events. Dogecoin was made in 2013 by programmers Billy Markus and Jackson Palmer; it was the first “image coin” ever delivered, implying that it deliberately had no use case and was promoted as such. Dogecoin right now is trading at around $0.05, a 92% drop from its all-time high of 73 cents.