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Elon Musk, CEO of Tesla and SpaceX, is being sued for over $200 billion.
The plaintiff, Keith Johnson, claims that Musk, at the side of his corporations, “are engaged in a crypto pyramid scheme by the use of dogecoin cryptocurrency.”
Johnson alleges Musk illegally promoted dogecoin “falsely and deceptively” as a viable funding, when, if truth be told, the foreign money had “no worth in any respect.” Johnson accused Musk and his corporations of racketeering via riding up the cost of dogecoin whilst understanding it mirrored no worth.
Similar: Musk Says Tesla Will Settle for This Crypto Coin, Sends Valuation Skyrocketing
At its height in Might 2021, Dogecoin was once buying and selling at about 74 cents. As of Thursday afternoon, it is tumbled to round 5.8 cents.
The lawsuit claims that dogecoin “does not pay pastime or dividend,” and claims it has no distinctive application “in comparison to different cryptocurrencies…It is not secured via a central authority or non-public entity.” The grievance is going on to mention that Musk used his energy and popularity to “function and manipulate the Dogecoin Pyramid Scheme for benefit, publicity and amusement.”
Johnson is looking for $86 billion in damages plus $172 billion for losses incurred buying and selling Dogecoin since 2019. Moreover, the lawsuit insists that Musk and his corporations prevent selling the foreign money.
Musk, whose internet price is set $200 billion, consistent with Forbes, has but to answer the lawsuit. Then again, within the wake of losing bitcoin worth, Musk tweeted previous this week “Cryptonight,” as bitcoin fell to its lowest stage since 2020.
