• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

Elon Musk Sued for $258 Billion for running a Dogecoin pyramid scheme

June 17, 2022
in Crypto News
Reading Time: 3 mins read
A A
0
“Seems kinda fungible” – Elon Musk trolls the NFT world with Twitter pic
0
SHARES
9
VIEWS
ShareShareShareShareShare

  • The complaint says that Musk used his influence to push more people into buying DOGE and these investors are now facing huge losses.
  • While Musk has an ongoing discussion about the Twitter acquisition, he continues to push for crypto payments on the platform.

Elon Musk’s love for memecoin Dogecoin (DOGE) could cost him $258 billion USD. U.S. citizen Keith Johnson has slapped a class-action lawsuit against Elon Musk and his businesses SpaceX and Tesla.

The lawsuit accuses Elon Musk of promoting a Dogecoin-related Ponzi scheme. Keith Johnson has filed a lawsuit at the federal court in Manhattan on behalf of other DOGE investors facing losses. In the lawsuit, Jhonson says that Musk and his businesses activities in DOGE have defrauded investors in what constitutes to be a pump and dump scheme.

It also notes that Musk’s constant backing of Dogecoin directly led to its spike. However, as the market conditions changed, the DOGE price has tailspin downwards. The complaint notes:

Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading. Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement.

In his complaint, Jhonson also refers to the comments from billionaires Warren Buffett and Bill Gates who have questioned the value of the digital asset. The existence of Dogecoin (DOGE) came as a fun memecoin. However, it soon became one of the world’s top ten cryptocurrencies.

Related: Bill Gates calls cryptos and NFTs shams; says they are greater fool theory investments

Tesla and Dogecoin caught in the fire

As we know, Elon Musk has been promoting Dogecoin through his Twitter account even before the 2020 bull run. However, his love for the memecoin extended to the extent that he even tossed the idea of accepting DOGE for merchandise purchases at his companies Tesla and SpaceX.

Jhonson believes that Musk increased Dogecoin’s “price, market cap and trading volume” through his tweets. The complaint states:

Every statement and endorsement from Defendants on social media regarding Dogecoin has knowingly caused millions of people to spend billions of dollars buying into the Dogecoin Crypto Pyramid Scheme. Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all.

Jhonson is now seeking damages worth $86 billion from Musk and an additional $172 billion in treble damages from SpaceX and Tesla. Amid the crypto market drop, Dogecoin has corrected 30 percent over the last week. As of press time, DOGE is trading at just $0.05 with a market cap of $7.5 billion. It is still among the world’s top ten cryptocurrencies.

Elon Musk supports crypto payments on Twitter

On the other hand, Musk believes that there’s enough logic to support crypto payments on Twitter. While speaking at the virtual all-hands meeting for Twitter on Thursday, Musk said:

Money is fundamentally digital at this point and has been for a while. It would make sense to integrate payments into Twitter so it’s easy to send money back and forth.

Musk is currently in the final discussions of his $4 billion acquisition of Twitter. If Musk succeeds, he might as well bring crypto to Twitter.


Credit: Source link

ShareTweetSendPinShare
Previous Post

Singapore the fifth most expensive city globally: report

Next Post

Kazakhstan Calls for Cooperation Between Crypto Exchanges and Banks

Related Posts

Hacker Returns $9M to Nomad After Draining Over $190M
Crypto News

Over 1.2 Billion aUSD Minted in an Exploit of Polkadot’s DeFi Hub Acala

August 15, 2022
3
Can Crypto Coins Such As Persystic Token And…
Crypto News

Can Crypto Coins Such As Persystic Token And…

August 15, 2022
7
TUSD Receives Endorsement from Data Analysis Firm CryptoQuant
Crypto News

TUSD Receives Endorsement from Data Analysis Firm CryptoQuant

August 14, 2022
6
FTX Launches a Regulated Branch in Europe and the Middle East
Crypto News

FTX and Paradigm Join Forces to Unveil Crypto Futures Spread Trading

August 14, 2022
14
Indian Authorities Freeze Vauld’s Assets Wort…
Crypto News

Indian Authorities Freeze Vauld’s Assets Wort…

August 14, 2022
8
Next Post
Kazakhstan Calls for Cooperation Between Crypto Exchanges and Banks

Kazakhstan Calls for Cooperation Between Crypto Exchanges and Banks

Recommended

Monero’s biggest mining pool to shutdown on August 12

Monero’s biggest mining pool to shutdown on August 12

August 1, 2022
6
Top Analyst Predicts 5,000x rise in presale for Degrain (DGRN) likely to beat Shiba Inu (SHIB) and Solana (SOL) presales

Top Analyst Predicts 5,000x rise in presale for Degrain (DGRN) likely to beat Shiba Inu (SHIB) and Solana (SOL) presales

July 18, 2022
8
Amazon will leverage One Medical’s ‘5-to-1 model,’ professor explains

Amazon will leverage One Medical’s ‘5-to-1 model,’ professor explains

August 6, 2022
6
Next-Generation DOMINO DEX To Dominate Web3 With Imminent Launching

Next-Generation DOMINO DEX To Dominate Web3 With Imminent Launching

July 16, 2022
3
Recession Worries to Weigh on Stocks as Bonds Rise: Markets Wrap

Recession Worries to Weigh on Stocks as Bonds Rise: Markets Wrap

July 25, 2022
5
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • ASX to rise as petrol to cost $100 a week
  • Over 1.2 Billion aUSD Minted in an Exploit of Polkadot’s DeFi Hub Acala
  • JPMorgan CEO Estimates Probability of Recession on Client Call: Yahoo

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?