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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, alongside along with his firms, “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, in actuality, the forex had “no worth in any respect.” Johnson accused Musk and his firms of racketeering by driving up the value of dogecoin whereas figuring out it mirrored no worth.
Associated: Musk Says Tesla Will Settle for This Crypto Coin, Sends Valuation Skyrocketing
At its peak in Could 2021, Dogecoin was 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 curiosity or dividend,” and claims it has no distinctive utility “in comparison with different cryptocurrencies…It isn’t secured by a authorities or non-public entity.” The grievance goes on to say that Musk used his energy and recognition to “function and manipulate the Dogecoin Pyramid Scheme for revenue, publicity and amusement.”
Johnson is asking 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 firms cease selling the forex.
Musk, whose web value is about $200 billion, in accordance with Forbes, has but to answer the lawsuit. Nevertheless, within the wake of dropping bitcoin worth, Musk tweeted earlier this week “Cryptonight,” as bitcoin fell to its lowest stage since 2020.
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