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Elon Musk Sued for $258 Billion Over Alleged Dogecoin Pyramid Scheme

Elon Musk was sued for $258 billion (roughly Rs. 20,13,831 crore) on Thursday by a Dogecoin investor who accused him of working a pyramid scheme to help the cryptocurrency.

In a criticism filed in federal court docket in Manhattan, complainant Keith Johnson accused Musk, electrical automobile firm Tesla and area tourism firm SpaceX of racketeering for touting Dogecoin and driving up its value, solely to then let the worth tumble.

Musk is the CEO of each Tesla and SpaceX.

“Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading,” the criticism stated. “Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement.”

The criticism additionally aggregates feedback from Warren Buffett, Bill Gates, and others questioning the worth of cryptocurrency.

Tesla, SpaceX, and a lawyer for Musk didn’t instantly reply to requests for remark.

A lawyer for Johnson didn’t instantly reply to requests for touch upon what particular proof his consumer has or expects to have that proves Dogecoin is nugatory and the defendants ran a pyramid scheme.

Johnson is looking for $86 billion (roughly Rs. 6,71,265 crore) in damages, representing the decline in Dogecoin’s market worth since Could 2021, and needs it tripled.

He additionally desires to dam Musk and his firms from selling Dogecoin and a choose to declare that buying and selling Dogecoin is playing underneath federal and New York regulation.

The criticism stated Dogecoin’s selloff started across the time Musk hosted the NBC present “Saturday Night Live and, playing a fictitious financial expert on a “Weekend Replace” segment, called Dogecoin “a hustle.”

Tesla in February 2021 stated it had purchased $1.5 billion (roughly Rs. 11,708 crore) of Bitcoin and for a short while accepted it as cost for automobiles.

Dogecoin traded at about 5.Eight cents (roughly Rs. 0.7) on Thursday, down from its Could 2021 peak of about 74 cents (roughly Rs. 8.75).

The case is Johnson v. Musk et al, U.S. District Court docket, Southern District of New York, No. 22-05037.

© Thomson Reuters 2022

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