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Elon Musk, Tesla and SpaceX sued for Dogecoin pyramid scheme

Elon Musk, SpaceX, and Tesla Inc. have been accused of $258 billion for allegedly being involved in a conspiracy plot to support the cryptocurrency Dogecoin.

Keith Johnson, an “American civilian who was scammed short of funds by plaintiffs’ Dogecoin Crypto Pyramid Conspiracy,” filed a lawsuit against Musk and his businesses, alleging that they are engaged in an unlawful conspiracy system to increase the value of Dogecoin.

“Plaintiffs erroneously and fraudulently assert that Dogecoin is a genuine venture even though it has no worth in any way,” according to Johnson’s lawsuit, which was submitted in a federal district courtroom in Manhattan on Thursday.

Johnson wants to support a majority of individuals who have spent funds dealing with Dogecoin since April of this year. He is seeking $86 billion in penalties, plus $172 billion in treble property damage, an injunction prohibiting Musk and his firms from marketing Dogecoin, and a declaration that Dogecoin trade is gambled by the US and New York legislation.

Musk did not reply to messages request for comments on the lawsuit right away. Officials from SpaceX and Tesla, as well as Tesla’s regulatory advisors, did not immediately reply.

Dogecoin was selling at around five cents on Thursday, dropping around 67 percent this season. Last year, it reached a peak of 74 cents until losing ground.

The pun on social networks

Musk’s comments about Dogecoin, notably another in that he referred to it as the “person’s cryptocurrency,” suddenly transformed the formerly virtual money into a speculator’s fantasy.

In 2021, the token’s value increased by about 4,000%.

On Thursday, Dogecoin was trading for around $0.058 (€0.047), down from a high of $0.74 (€0.70) in May 2021.

Tesla announced in February 2021 that it has purchased $1.5 billion (€1.43 billion) in Bitcoin and would take it as payment for automobiles for a limited period.

Musk said earlier this year that Tesla will take Dogecoin as payment, tweeting: “Tesla stuff buyable with Dogecoin.”

Musk proposed a slew of improvements to Twitter’s Tweet Blue paid membership forward it upon becoming the social networking behemoth’s largest owner in April, involving allowing consumers to purchase in Dogecoin.

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