in

More and more people are suing Elon Musk over Dogecoin

More and more people are suing Elon Musk over Dogecoin

Join our TELEGRAM channel and get instant notifications!

Tesla CEO and billionaire Elon Musk has always been very clear about his support for the Dogecoin meme coin. DOGE had seen its frequent posts about the cryptocurrency skyrocket in the first half of 2021. However, the hype surrounding the cryptocurrency soon died down – and the price went down. As expected, many investors lost money in the process.

Keith Johnson is one of those investors. He suffered losses as a result of the drop in the price of DOGE and decided to take the fight to the “DoGFather”. Johnson had filed a $258 billion lawsuit against Elon Musk. In it he accuses the billionaire of promoting a Ponzi scheme. Now the lawsuit has expanded: New plaintiffs have decided to join it.

Notice

Dogecoin lawsuit gets massive support

The $258 billion lawsuit against Elon Musk now has more plaintiffs, according to a new amended lawsuit filed Tuesday in Manhattan federal court. A total of seven new plaintiffs and six new defendants were named.

The lawsuit accuses the billionaire of operating a Ponzi scheme that backed Dogecoin and resulted in losses for investors. The plaintiffs allege that Elon Musk and the other six defendants were able to make billions of dollars from Musk’s cryptocurrency statements. They also charge the native South Africa to promote Dogecoin. And that despite knowing that the digital asset has no “intrinsic value”.

The original lawsuit, filed in June, also names Musk’s other companies — including SpaceX, Tesla, and Boring, as well as the Dogecoin Foundation. Johnson said in the original lawsuit that he wanted the billionaire to stop mining the meme coin as well as the $258 billion in damages.

Musk continues to support Dogecoin

Elon Musk has not given up his support for Dogecoin despite the massive lawsuit brought against him. In fact, about a month after the lawsuit was filed, the billionaire had publicly stated that he would continue to support the cryptocurrency.

Musk’s support for the meme base is also reflected in the fact that he and his car company, Tesla, continue to own the cryptocurrency. After Tesla sold 75% of its Bitcoin holdings, Musk reassured the public that the company would continue to hold its Dogecoin position.

So far, Musk, Tesla, SpaceX, Boring, or the Dogecoin Foundation have not responded to the lawsuit.

Coincierge.de tip: upcoming Tamadoge (TAMA) meme coin

The new Tamadoge meme coin is going up fast at the moment: It is in the presale (presale) and so far it has been able to earn a huge amount of 13 million dollars. Many investors are counting on the play-to-earn project, where users can earn cryptocurrency with a game, among other things. Anyone who joins now will get the token $0.0025 cheaper than in the next presale phase. It becomes active as soon as Tamadoge has raised $16 million.

Buy TamaDoge now in presale

Text credit: Bitcoinist

The Tamadoge Presale has started!

  • Best Play2Earn Crypto
  • An emerging meme base
  • The pre-sale started on 08/02/2022
  • Best New Signal 2022

Crypto Launchpad: The Best Telegram Group!

  • Neutral market analysts
  • Daily summary: winners/losers of the last 24 hours
  • All because of the current NFT hype

Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.

What 'The Merge' with Ethereum means for Blockchain Layer 2 Solutions

What ‘The Merge’ with Ethereum means for Blockchain Layer 2 Solutions

Bitcoin Analyst Calling 2018 A Bust Year Warns BTC 'Bad Winter' Could Freeze At $10,000

Bitcoin Analyst Calling 2018 A Bust Year Warns BTC ‘Bad Winter’ Could Freeze At $10,000