Investor Dogecoin is suing Musk for $ 258 billion

AndA cryptocurrency investor is suing Elon Musk, the richest man in the world according to Forbes, for $ 258 billion on charges of building a Ponzi scheme with Dogecoin. Musk and his companies Tesla and SpaceX raised the price of digital money and then crashed it, according to a pleading on behalf of Keith Johnson in federal court in Manhattan on Thursday.

“The accused have known since 2019 that Dogecoin is worthless, but they still promoted Dogecoin to profit from its trade.” Musk used his status as the richest man in the world to “trade Dogecoin for profit, attention and fun”. manipulating pyramid schemes. “The text refers to statements from investors like Warren Buffett and tech pundits like Bill Gates, who fundamentally question the value of cryptocurrencies. Johnson wants to sue $ 86 billion in damages, equivalent to a drop in the value of cryptocurrencies. market value of Dogecoin from May 2021.

form of gambling

The total amount would correspond to roughly half of the German federal budget. Additionally, the court should ban Musk and his companies from advertising Dogecoin. Crypto value trading should also be classified as a form of gambling.

The statements of the respective lawyers and representatives were initially not available. Dogecoin was originally cast as a parody. Its value increased by a quarter in January after Musk announced the possibility of Tesla “merchandising” purchases with it. On Thursday, the currency was below $ 0.06 per coin after hitting a record high of around $ 0.74 in May 2021.

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