• Advertise
  • Jobs
  • Freelance Gigs
  • Motoring
  • Money
Saturday, June 25, 2022
  • Login
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists
No Result
View All Result
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists
No Result
View All Result
TechMoran
No Result
View All Result
Home cryptocurrencies

Tesla CEO Elon Musk is facing a $258B class action lawsuit over Dogecoin hype

Billionaire Elon Musk has been hit with a $258 billion lawsuit for allegedly engaging in a crypto pyramid scheme “Dogecoin cryptocurrency”. The lawsuit was filed by in a federal court in Lower Manhattan by US Citizen Keith Johnson against Elon Musk and his businesses Tesla and Space X.

Johnson wants $86 billion in damages plus another $172 billion for losses incurred from trading dogecoin since 2019. Johnson says, he represents a class of people who have lost money investing in dogecoin.

The complainant alleges that Musk’s tweets and public messaging drove a significant price spike in Doge and encouraged people to invest. Activities the complainant says defrauded him and other investors into a pump and dump scheme. Apart from using it for customer experience, Musk’s consistent messaging on cryptocurrency directly led to its price spike and when market conditions changed, investors lost out.

Johnson said, “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,”

This is not the first time Musk has been accused of hyping Dogecoin. In 2021, for instance, Elon tweeted “Dogecoin is the peoples crypto”, in a separate tweet he added “No highs, no lows” a tweet that saw Dogecoin rise to about 37 per cent after minutes of tweeting.

Must later removed bitcoin from his Twitter bio just weeks after adding it. The Block publication also highlights how aMusk has a long history promoting Dogecoin and the complaint highlights the greatest hits of Musk’s Doge tweets since a satirical article piqued his interest in the meme coin in 2019. The complaint points out that Dogecoin grew in value following Musk’s tweets about it in 2019, which led Musk to self-appoint himself the “CEO of Dogecoin.”

The complaint also highlights that Musk engaged with Dogecoin developers and prompted the community to take action, though he would later point out that the Doge community is not a formal organization and no one reports to him as a leader, so his ability to take action in the community was limited the publication added.

The lawsuit further demands that Musk and his businesses cease to promote dogecoin.

Readers 499

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Val Lukhanyu

Val Lukhanyu

I love and write everything Tech.

Related Posts

Kenyan Female Innovator  Wins Royal Academy of Engineering’s Africa Prize
People

Kenyan Female Innovator Wins Royal Academy of Engineering’s Africa Prize

by Milcah Lukhanyu
June 20, 2022
0

Norah Magero, a Kenyan female engineer based in the UK has made history in the United Kingdom after she became...

Bitcoin drops below $18,000 for the first time since 2020
cryptocurrencies

Bitcoin drops below $18,000 for the first time since 2020

by Val Lukhanyu
June 19, 2022
0

Bitcoin has dropped by 13 per cent to $17,769.25 in the past 24 hours, the lowest level since December 2020...

Coinbase lays off over 1000 employees to weather economic downtime
cryptocurrencies

Coinbase lays off over 1000 employees to weather economic downtime

by Val Lukhanyu
June 15, 2022
0

Coinbase will cut down the size of its workforce by 18 per cent to weather the economic downtime in the...

Blockchain Bitcoin Giving Benefits To Entertainment Sector

June 13, 2022
Bitcoin – 5 Characteristics that Everyone Must Know!

The Crazy Facts Of Bitcoin – True Or False!

June 13, 2022
Why the world is still weary of cryptocurrencies

How Is Bitcoin Great In Eliminating The Risk?

June 13, 2022
Please login to join discussion
  • Advertise
  • Jobs
  • Freelance Gigs
  • Motoring
  • Money

© 2022 TechMoran Ltd, All Rights Reserved.

No Result
View All Result
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists

© 2022 TechMoran Ltd, All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

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

Log In
Go to mobile version
%d bloggers like this: