In The Depths Of A Catastrophic Bitcoin And Ethereum Tokens Price Crash, Elon Musk Is Unexpectedly Hit With A Massive $258 Billion Cryptocurrency Ponzi Scheme Lawsuit Over Dogecoin

1 min read

Musk repeatedly urged dogecoin developers to improve the cryptocurrency coin in attempt to “defeat bitcoin hands down” as a bitcoin, ethereum, and broader cryptocurrency bull run pushed prices to all-time highs last year.

Tesla TSLA -8.5% billionaire Elon Musk, who has the power to create and destroy billions of dollars worth of bitcoin and crypto value with just a tweet, has helped the meme-based dogecoin become a top ten cryptocurrency over the last 18 months—just weeks ago revealing one reason he thinks “people love dogecoin.”

However, the dogecoin price has crashed over the last few months, losing more than 90% of its value since hitting an all-time high in May last year and dropping along with the price of bitcoin, ethereum and the wider crypto market.

Now, as bitcoin and ethereum teeter on the brink of disaster, Musk and his companies Tesla and SpaceX have been hit with a $258 billion lawsuit claiming they are part of a racketeering scheme to pump the dogecoin price.

“[Musk, Tesla and SpaceX] falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all,” Keith Johnson, described as “an American citizen who was defrauded out of money by defendants’ dogecoin crypto pyramid scheme,” wrote in the complaint.

Johnson, who filed the claim in New York, hopes to represent other allegedly affected investors by seeking class-action status. He’s seeking $86 billion in damages, as well as $172 billion in triple damages and an injunction prohibiting Musk, Tesla, and SpaceX from promoting dogecoin.

“[Dogecoin DOGE -7.5 percent is] simply a swindle in which ‘bigger idiots’ are fooled into buying the coin at a higher price,” the lawsuit stated, before listing Musk’s numerous tweets and public statements that have driven up the dogecoin price over the last 18 months.

Musk, who was dubbed “The Dogefather” after being voted “dogecoin CEO” in a humorous Twitter poll in 2019, has long been a supporter of the satirical bitcoin rival, naming dogecoin as his favorite cryptocurrency.

Musk previously stated that he owns dogecoin, as well as bitcoin and ethereum. When it was announced that Tesla had purchased $1.5 billion worth of bitcoin in early 2021, Musk pushed the price of bitcoin skyrocketing.

Musk regularly urged dogecoin developers to enhance the cryptocurrency in order to “defeat bitcoin hands down” as a bitcoin, ethereum, and broader cryptocurrency bull run pushed prices to all-time highs last year.

Via this site

Have A Story? Get Featured On Fraxfacts Plus 100+ More Exclusive Crypto News Sites