Billion Dogecoin Lawsuit
Billion Dogecoin Lawsuit: The lawsuit aims to represent a class of people who’ve lost money trading Dogecoin
Elon Musk and two of his companies, Tesla and SpaceX, are facing a $258 billion lawsuit, according to Thursday reports.
Bloomberg today reported that an American citizen is suing the world’s richest man for allegedly pumping Dogecoin. The lawsuit alleges that Musk was part of a racketeering scheme to back the cryptocurrency
“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” Keith Johnson, who filed the lawsuit, said in the complaint. Johnson is seeking class-action status for the suit and aims to represent other allegedly harmed investors.
Elon Musk sued for $258 billion over dogecoin ‘pyramid scheme’
Dogecoin was originally designed in 2013 as a joke and to poke fun at Bitcoin. But it went from being an obscure “meme coin” to arguably the most talked-about digital asset in the space during 2020 and 2021.
This is mainly because Tesla CEO Musk would post memes about it on Twitter and, in turn, pump its price. It’s now the 11th biggest digital asset, with a market cap of $7.5 billion. At one point, that figure was as high as $88 billion—bigger than the market cap of many companies on the S&P 500.
But according to Bloomberg’s report, Johnson wants to represent people who lost money trading the asset. He is asking for $86 billion in damages, along with triple damages of $172 billion.
Elon Musk Facing $258 Billion Lawsuit for Promoting Dogecoin
Mark Cuban Talks NFTs And Dogecoin at Ethereal 2021
Dallas Mavericks owner Mark Cuban tells Decrypt editor-in-chief, Dan Roberts, what everyone is missing about the NFT boom, defends his love of Dogecoin, and says he does not expect another “Crypto Winter” at the 2021 Ethereal Virtual Summit.
Johnson is also asking for an order blocking Musk and his companies from promoting Dogecoin—and that Dogecoin trading constitutes gambling under U.S. and New York law, Bloomberg reported.
Dogecoin, despite being based on the meme of a dog, may have some uses: most recently, Musk said SpaceX and Tesla would soon accept the cryptocurrency for payment. And developers have been working with Musk on making it a Bitcoin rival.
Elon Musk sued for $258 billion over the alleged Dogecoin pyramid scheme
Other big names are also all-in on DOGE—billionaire businessman Mark Cuban, who owns the Dallas Mavericks, has said that he believes Dogecoin has value as a payment system.
NEW YORK, June 16 (Reuters) – Elon Musk was sued for $258 billion on Thursday by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency.
In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price, only to then let the price tumble.
Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading,” the complaint said. “Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement.”
https://nypost.com › 2022/06/16 › elon-musk-sued-for
4 hours ago — Johnson, a US citizen, wants $86 billion in damages, plus tripled damages of $172 billion for losses incurred from trading dogecoin since 2019.
https://u.today › elon-musk-facing-258-billion-lawsuit-f
2 hours ago — Johnson claims that Musk falsely stated that Dogecoin is money while encouraging his audience to buy the cryptocurrency. Defendants and their
https://finance.yahoo.com › news › elon-musk-sued-25
2 hours ago — Elon Musk was sued for $258 billion on Thursday by a Dogecoin investor who accused him of running a pyramid scheme to support the
https://cryptopotato.com › Crypto News
17 minutes ago — Is Elon Musk’s promotion of Dogecoin coming back to bite him? The billionaire and his companies are now being sued for $258 billion for
https://fortune.com › 2022/06/16 › elon-musk-spacex-t
5 hours ago — U.S. man sues Elon Musk, SpaceX and Tesla for $258 billion on behalf of investors allegedly defrauded by Dogecoin pyramid scheme
https://www.complex.com › life › elon-musk-258-billio
3 hours ago — Elon Musk Faces $258 Billion Lawsuit for Allegedly Defrauding Investors in Dogecoin ‘Pyramid Scheme’ … Elon Musk, Tesla, and SpaceX are facing a
https://watcher.guru › news › elon-musk-struck-with-a
53 minutes ago — A $258 billion lawsuit has been filed against SpaceX CEO Elon Musk, alleging Elon of running a dogecoin pyramid scheme.
https://decrypt.co › elon-musk-tesla-spacex-dogecoin-la
3 hours ago — Elon Musk and two of his companies, Tesla and SpaceX, are facing a $258 billion lawsuit, according to Thursday reports.
https://www.forbes.com › brianbushard › 2022/06/16
40 minutes ago — Plaintiff Keith Johnson – who purchased Dogecoin in 2021 – is seeking a class-action lawsuit in the Southern District of New York against Musk
https://news.bitcoin.com › elon-musk-tesla-spacex-facin
3 hours ago — Elon Musk, Tesla, and Spacex are being sued over claims that they are engaged in a dogecoin “crypto pyramid scheme (aka Ponzi scheme
https://www.protocol.com › bulletins › elon-musk-doge
1 hour ago — A lawsuit seeks a total of $258 billion in damages because Musk allegedly promoted the cryptocurrency. A rocket firing against a
https://cryptobriefing.com › elon-musk-sued-for-258-bi
2 hours ago — An American citizen by the name of Keith Johnson is seeking $258 billion in damages from Elon Musk for promoting Dogecoin. Johnson claims Musk
https://www.entrepreneur.com › article
38 minutes ago — Elon Musk is being sued for billions for his involvement with dogecoin. Read more about the new lawsuit here.
https://gazettengr.com › u-s-man-slams-258-billion-suit
33 minutes ago — Keith Johnson, “an American citizen who was defrauded out of money by defendants’ Dogecoin Crypto Pyramid Scheme,” sued Mr Musk and his
https://www.mercurynews.com › 2022/06/16 › musk-te
2 hours ago — Elon Musk, SpaceX and Tesla Inc. were sued for $258 billion over claims they are part of a racketeering scheme to back the cryptocurrency
https://afpkudos.com › business › elon-musk-tesla-and
14 minutes ago — Elon Musk and two of his companies, Tesla and SpaceX, are facing a $ 258 billion lawsuit, according to Thursday reports.
https://in.investing.com › news › elon-musk-hit-with-25
2 hours ago — Tesla (NASDAQ:TSLA) CEO Elon Musk is being sued for $258 billion in a … in a crypto pyramid scheme by way of dogecoin cryptocurrency