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Elon Musk sued for allegedly running a pyramid scheme for Dogecoin

Elon Musk sued for allegedly running a pyramid scheme for Dogecoin

The world’s richest man, Elon Musk is being sued for two hundred and fifty-eight dollars for allegedly running a pyramid scheme that promoted Dogecoin, a cryptocurrency.

Dogecoin had been launched as a mock coin against Bitcoin in 2013 but it surged dramatically in 2021 rising by about 18000% from 0.0004 dollars to 0.73 dollars. Elon Musk had tweeted regularly about the coin, contributing to its growth.

The same way that it had risen was the same way the coin fell dramatically to up to 92% as of recent.

Keith Johnson, an American man, had filed a complaint against the CEO of Tesla and SpaceX, at a court in New York, claiming that he had promoted the coin to gain from its trading. The man said that he had been defrauded by the Billionaire because he had endorsed the cryptocurrency through his tweets.

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“Musk used his pedestal as the world’s richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure, and amusement.”

The plaintiff said he wants to stand in for those who have lost their money through Dogecoin since 2019. Apart from his demands for $258bn in damages, he also wants Elon Musk, Tesla, and SpaceX to be prohibited from promoting Dogecoin.

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