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Elon Musk Sued For $258 Billion By Dogecoin Investor For Running ‘Pyramid Scheme’; everything you need to know

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According to an AFP report, Keith Johnson has claimed that since Musk started promoting Dogecoin, investors have lost about $86 billion

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

Keith Johnson, who filed the complaint, accused Musk, along with his companies Tesla and SpaceX, of “extortion to promote Dogecoin and drive the price up, then drive the price down,” the paper said. Reuters

Johnson stated in his complaint that he was a “US citizen” who had lost his money in what he called a “Dogecoin Crypto Pyramid Scheme”. “Musk used his pedestal as the world’s richest man to operate and manipulate the Dogecoin pyramid scheme for profit, fame and entertainment,” claimed the motion filed by Johnson.

The complaint also referenced comments from Bill Gates, Warren Buffett and other people who have expressed concerns about the value of cryptocurrency. Johnson has asked that the motion, filed in a New York court, be classed as a class action suit on behalf of people who have suffered by investing in dogecoin.

according to an AFP report, Johnson has claimed that since Musk started promoting Dogecoin, investors have lost about $86 billion. He wants the Tesla CEO to repay this amount to the affected people and also pay double the amount in damages, which amounts to an additional $172 billion. He also wants to prevent Musk and his companies from promoting Dogecoin. The complainant also wants a judge to declare that trading the meme-based cryptocurrency is gambling under New York and federal law.

A lawyer representing Johnson declined to comment on how his client would prove Musk was involved in a pyramid scheme to promote the meme coin.

Dogecoin was founded in 2013 as a “fun” and satirical alternative to Bitcoin by Billy Markus and Jackson Palmer. The cryptocurrency gained a lot of attention in 2021 when Elon Musk wrote a cryptic tweet about “Doge barking at the moon”. The value of the meme coin soared after the SpaceX CEO referred to himself as “Dogefather” in the tweet.

The richest man in the world has often talked about the meme-based cryptocurrency. In January, Tesla announced that it will accept payment for its merchandise in Dogecoin. According to data from CoinMarketCapDogecoin traded at $0.05246 on June 18 at 2:52 PM, losing 8 percent in the past 24 hours.

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