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Elon Musk Cryptocurrency Dogecoin Sue for $258 billion

Elon Musk Cryptocurrency Dogecoin has been sued by Keith Johnson, a US citizen, for defrauding him with the “Dogecoin Crypto Pyramid Scheme.”

The world’s wealthiest man and his companies have been sued for $258 billion for their alleged involvement in a pyramid scam. They are accused of artificially inflating the price of the Dogecoin cryptocurrency only to see it plummet later.

News Headlines

➣ Dogecoin investor sues Elon Musk, Tesla, SpaceX for $258 billion

As the price of cryptocurrencies continues to fall, investors who believe they have been duped by the promises of virtual currencies are filing lawsuits.
An investor sued Binance and its CEO a few days ago for the collapse of Stablecoin.

Then there’s the Musk instance. This year, Dogecoin has lost around 67 percent of its value, reversing the amazing gains of 2021.

What Exactly is Musk Accused of?

For the majority of its existence, Dogecoin, which was launched in 2013, traded for a fraction of a cent. The price of Elon Musk Cryptocurrency Dogecoin, on the other hand, increased in 2021.

“The price, market cap, and trading volume of Dogecoin” increased as a result of the billionaire’s sponsorship, according to Johnson. He claims that the defendants were aware of Dogecoin’s depreciation since 2019 yet continued to promote it.

Why are Tesla and SpaceX Being Sued?

Johnson has named Tesla in the suit because the automaker accepts Dogecoin as payment for certain derivatives.SpaceX has an even stronger connection with Dogecoin. The space tourism company had named one of its satellites after the controversial crypto.Musk had once even promised via Twitter that SpaceX would “put a literal Dogecoin on the literal moon.”

Musk is Being Sued in a Class Action Lawsuit by the Plaintiff.

Johnson versus Musk et al. is the name of the case filed in the US District Court for the Southern District of New York. Johnson wants the case to be treated as a class action lawsuit on behalf of all Dogecoin investors who have lost money since 2019.

Because of its lack of inherent worth, he compares cryptocurrency to a pyramid scheme.

Johnson is Seeking $172 Billion in Compensation.

The plaintiff is seeking $86 billion in damages from the defendants to compensate investors for losses incurred since May 2021. He is seeking an additional $172 billion in compensation. Johnson has also asked the court to prevent the defendants from promoting Elon Musk Cryptocurrency Dogecoin.

Source: Newsbytesapp.com

The HeartzTeam.

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