Fun

Elon Musk, Tesla, Spacex Facing $258 Billion Lawsuit for Promoting Dogecoin

News Feed - 2022-06-17 02:06:50

Elon Musk, Tesla, Spacex Facing $258 Billion Lawsuit for Promoting Dogecoin


Elon Musk, Tesla, and Spacex are being sued for $258 billion over claims that they “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.” The lawsuit states that Musk and his companies “falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.” Lawsuit Filed Against Elon Musk, Spacex, Tesla Over Dogecoin


Dogecoin investor Keith Johnson filed a class-action lawsuit against Elon Musk and his companies, Tesla and Spacex, Thursday in federal court in Manhattan, Bloomberg reported.


The lawsuit states: Defendants Elon Musk, Spacex, and Tesla Inc. are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.


The plaintiff argued that DOGE is “simply a fraud whereby ‘greater fools’ are deceived into buying the coin at a higher price.”


According to the court document, Johnson is an American citizen who said he was “defrauded out of money by defendants’ dogecoin crypto pyramid scheme.” He claimed that Musk, Tesla, and Spacex constitute an illegal racketeering enterprise to inflate dogecoin’s price.


The complaint describes: Defendants falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.


“Since defendant Musk and his corporations Spacex and Tesla Inc. began purchasing, developing, promoting, supporting, and operating dogecoin in 2019, [the] plaintiff and the class have lost approximately $86 billion in this crypto pyramid scheme,” the court document details.


Johnson is seeking to represent a class of crypto investors who have lost money trading in dogecoin since April 2019.


He is asking for $86 billion in damages and triple damages of $172 billion. In addition, he is seeking an order blocking Musk, Spacex, and Tesla from promoting dogecoin, and declaring that DOGE trading constitutes gambling under U.S. and New York law.


The Tesla CEO has been promoting dogecoin on Twitter. He said the meme cryptocurrency has potential as a currency, calling it the people’s crypto.


In May, he said Spacex will soon accept DOGE for merchandise and Starlink subscriptions could follow. Tesla already accepts the meme coin for some merchandise. Musk has also discussed allowing payments in dogecoin for some Twitter services if he becomes the owner of the social media platform. Tags in this story doge lawsuit, doge musk lawsuit, dogecoin lawsuit, dogecoin musk lawsuit, Elon musk lawsuit, elon musk sued dogecoin, spacex dogecoin lawsuit, tesla dogecoin lawsuit


What do you think about this lawsuit against Elon Musk, Spacex, and Tesla over dogecoin? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Bank of America: Consumer Interest in Crypto Remains Strong FEATURED | 11 hours ago Billionaire Sam Zell: I"ve Stayed Away From Bitcoin at All Costs FEATURED | 19 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleExit Festival Launches New NFT Collections With Global Music Stars and Celebrities Next articleReport: Celsius Hires Citigroup to Help the Startup Find ‘Potential Financing’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

Free Web3
Este artículo también está disponible en español. Web3 Liberation from Postmodernism’s Stranglehold: The Art Renaissance By VESA
Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto
Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Argentinians are very interested in cryptocurrencies, according to a survey made by America
Price analysis 3/22: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, TON
Rakesh Upadhyay5 hours agoPrice analysis 3/22: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, TONBitcoin is struggling to sustain its recovery, signaling that higher levels are attracting sellers in BTC and altcoins.195
XRP Breakout Still Likely This April, Analyst Says $12+ In Play
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Holds At $93,257 As Bulls Struggle To Avoid Deeper Losses
Este artículo también está disponible en español. Bitcoin (BTC) stands firm at $93,257, a crucial support level that could determine its next major move. As the battle be
US senators urge CFTC to finalize ban on election betting
Brayden Lindrea22 minutes agoUS senators urge CFTC to finalize ban on election bettingIt comes as decentralized prediction platform Polymarket has gathered more than $500 million in bets on who will likely win the 2024 U
US Senators Introduce ‘Lawful Access to Encrypted Data Act’ — With Backdoor Mandate
US Senators Introduce "Lawful Access to Encrypted Data Act" — With Backdoor MandateUS lawmakers have introduced the Lawful Access to Encrypted Data Act to ensure law enforcement c
Crypto exploits near $1.4B this year as hackers target CeFi — report
Alex O’Donnell2 hours agoCrypto exploits near $1.4B this year as hackers target CeFi — reportAccording to data from cybersecurity firm Cyvers, stolen funds on centralized exchanges increased 900% year over year in th
Ethereum ETF flows flip positive despite Grayscale outflows topping $2B
Tom Mitchelhill3 hours agoEthereum ETF flows flip positive despite Grayscale outflows topping $2BEther ETFs posted a net inflow of $26.7 million on Aug. 1, with inflows into BlackRock’s fund outpacing outflows from Gra
VeChain Partners Alchemy Pay for Fiat Payment Rails and Crypto on-Ramps
VeChain Partners Alchemy Pay for Fiat Payment Rails and Crypto on-Ramps press release PRESS RELEASE.Palo Alto, USA, March 2022 – Vechain (VET), the leading layer-1 smart cont
Darknet Users Discuss the Connection Between DDoS Attacks and Exit Scams
Darknet Users Discuss the Connection Between DDoS Attacks and Exit Scams During the last few weeks, a number of darknet markets (DNMs) like Dread and Empire have been attacked re
Applied Direct Response — ERCOT Study Shows Bitcoin Mining Is Beneficial to the Texas Grid
Applied Direct Response — ERCOT Study Shows Bitcoin Mining Is Beneficial to the Texas Grid On Nov. 29, 2022, The Electric Reliability Council of Texas (ERCOT) published a report