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Elon Musk sued for $258 billion by Dogecoin investor for working ‘pyramid scheme’; all you want to know

According to an AFP report, Keith Johnson has claimed that since Musk started selling Dogecoin, traders have misplaced about $86 billion

A Dogecoin investor has sued Elon Musk for $258 billion, accusing him of allegedly supporting the cryptocurrency by working a pyramid scheme.

Keith Johnson, who filed the criticism, accused Musk in addition to his firms Tesla and SpaceX of “racketeering for touting Dogecoin and driving up its price, only to then let the price tumble,” as per Reuters.

Johnson said in his criticism that he was an “American citizen” who had misplaced his cash in what he termed a “Dogecoin Crypto Pyramid Scheme.” “Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement”, the movement filed by Johnson claimed.

The criticism has additionally referred to feedback from Bill Gates, Warren Buffett and different individuals who have expressed issues over the worth of cryptocurrency. Johnson has requested that the movement, which has been filed in a New York court docket, ought to be labeled as a category motion go well with on behalf of people that have suffered by investing in dogecoin.

According to an AFP report, Johnson has claimed that since Musk started selling Dogecoin, traders have misplaced about $86 billion. He desires the Tesla CEO to repay this sum to the affected folks and in addition pay double the quantity in injury, that means a further $172 billion. He additionally desires to dam Musk and his firms from selling Dogecoin. The complainant additionally desires a choose to declare that buying and selling within the meme-based cryptocurrency is playing underneath New York and federal regulation.

A lawyer representing Johnson declined to remark how his consumer would show that Musk was concerned in a pyramid scheme to advertise the meme-coin.

Dogecoin was began in 2013 as a “fun” and satirical various to Bitcoin by Billy Markus and Jackson Palmer. The cryptocurrency gained loads of consideration in 2021 when Elon Musk wrote a cryptic tweet about “Doge barking at the moon.”  The worth of the meme-coin surged after the SpaceX CEO known as himself “Dogefather” within the tweet.

The world’s richest man has typically talked concerning the meme-based cryptocurrency. In January, Tesla introduced that it’s going to settle for fee for its merchandise in Dogecoin. According to information from CoinMarketCap, Dogecoin was buying and selling at $ 0.05246 at 2:52 pm on 18 June, with a lack of eight per cent within the final 24 hours.

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