Elon Musk sued for USD 258 billion by Dogecoin investor

Elon Musk and his companies, Tesla and SpaceX, are now facing a USD 258PHP 15,141INR 21,865EUR 246CNY 1,878 billion lawsuit for being involved in a Crypto Pyramid Scheme by way of the Dogecoin cryptocurrency.

Elon

The class-action lawsuit was filed by Plaintiff Keith Johnson in the Southern District of New York. Johnson argues that Musk and his companies “falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all.”.

He further argued that they have deceived him and others into “believing that Dogecoin is a valuable asset worth purchasing, holding, and trading.”.

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It is no secret that Musk has been vocal about his support for Dogecoin. With tweets of him saying that “Dogecoin is the people’s crypto” or that “Doge will live forever”.

Not to mention with Tesla and SpaceX accepting Dogecoin for its merch and with Musk appearing on Saturday Night Live on which he referenced himself as being the “Doge Father”.

Defendants Elon Musk, SpaceX, and Tesla, Inc. are engaged in a Crypto Pyramid Scheme (aka Ponzi Scheme) by way of Dogecoin cryptocurrency. – Keith Johnson in the complaint

In total, the lawsuit has Johnson demand USD 86PHP 5,047INR 7,288EUR 82CNY 626 billion in compensatory damages and USD 172PHP 10,094INR 14,577EUR 164CNY 1,252 billion in treble damages. Johnson is also seeking court orders to prohibit Musk and his companies from promoting Dogecoin and to have trading Dogecoin declared as a form of gambling.

Val Jose Mendoza

Hi! I'm VJ Mendoza! Although I just finished my Bachelor's in Nursing, I've always loved tech and to just to get an idea of me, some things I like are anime, video games, sports such as basketball, volleyball and fencing.

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2 Comments

Hugo says:

3 years ago

There’s a lot of talk in Cypto forums and discussion sites regarding this matter
since these past few days. It’s a long shot for Keith Johnson to win this type of
lawsuit against a major investor a of a crypto asset not just Dogecoin (including
Bitcoin and other crypto assets) with the scope of lawsuit and the amount damages
it covers, its kinda obvious that not only Keith Johnson is behind this lawsuit since
Elon had been into many headlines these past few years about his businesses, his tweets and other maters related to economy and social media.
Partly, the lawsuit tends to be malicious and greedy in nature with few arguments
only related to the fall of dogecoin’s value where Elon is also a major investor and
the most popular influencer of the said crypto asset as mentioned.

With the war in Ukraine going on for more than 3 months now 95 percent of all
crypto currencies worldwide are heavily affected and their value suddenly went into
a nosedive and adding fuel to the fire are the issues of TerraUSD and LUNA cryptos
crashing with its network tied to BTC. With these, Dogecoin’s value took a major
nosedive as well and the main reason are these issues mentioned above. The
plaintiff (Keith Johnson) in the lawsuit is obviously just looking a way to earn easy
money and just testing the judicial system in the U.S where it will go now that cancel
culture is also in their judiciary and hoping the lawsuit might favor them together
with those whom he connives with and partly “Testing the Waters” and see if they
can rack up billions on the issue.

Good luck to the plaintiff, i bet Elon will surely file a counter lawsuit and will ask
for major fines.
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Jim persinger says:

3 years ago

These crypto currencys were a major risk from the start when you the buyer buys in to so.ething that has no value what so ever with nothing backing the currency such as gold like the USA uses the coins are worthless from the start and are only given value thru speculation of what they might be worth or should be worth is a foolish venture for someone to invest in eventually someones going to be left holding the bag when big investors decide the american economy is to shaky in general and could hit a recession and all coins could go broke at once so smart investors in the crypto with large stakes are pulling out thefe money before a collapse totaly of the crypto coin market happens which is driving the crypto market down down like the economy as large investors pull out it was very risky from the start if you chose to listen to elon musks advice or reccomendations or gomer pyles thats your fault you made that decison so its your liability he never claimed to be an investment professional and was not employed by this man this man listened to hearsay on the internet took it as professional advice and spent his own money and lost it thats no ones fault but his own if elong said lets jump off the bridge would you do it? Hell no just like with this in his opnion it was a good investment then that does not mean forever and this man chose to do it so its no ones fault but his own
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