The SpaceX owner Elon Musk has been sued for $258bn by a Dog-based meme cryptocurrency Dogecoin investor, accused of running a Pyramid Scheme.
Keith Johnson, an investor in popular meme cryptocurrency DOGE has sued billionaire Elon Musk for promoting an alleged scheme to support the Dogecoin.
Keith Johnson an American citizen said, “He was defrauded by Elon Musk after he started promoting the Dogecoin. According to Johnson Dogecoin does have not any intrinsic value nor its a product, it’s like a pyramid scheme.
According to his complaint filed in a federal court in Manhattan, “Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading.”
In his complaint, he also added, “Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement”.
To highlight Elon Musk’s role in this Pyramid Scheme, he has also included a tweet where Elon Musk is promising that SpaceX would “put a literal Dogecoin on the literal moon.” He also said this Pyramid Scheme is true because Elon Musk’s company Tesla is also accepting Dogecoin for certain derivative products.
He sued Elon Musk due to his losses in Dogecoin since 2019. He asked Elon Musk to pay him $86 billion along with $86 billion in damages.
Dogecoin was originally created as a joke based on a dog, but it started gaining popularity after Elon Musk’s promotion. If you also think Elon Musk is responsible for the losses of investors in this cryptocurrency, then write in the comments below.