The CEO of Tesla and SpaceX, Elon Musk has been sued by a cryptocurrency investor in New York for running a pyramid scheme with Dogecoin.
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In a complaint filed by the plaintiff Keith Johnson in a federal court in Manhattan, he accused Elon Musk, Tesla and SpaceX of racketeering for touting Dogecoin and driving up its price, only to then let the price tumble.
He claims to have been “defrauded out of money by [Musk’s] Crypto Pyramid Scheme,” and he is seeking a grand total of $258 billion for damages.
“Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading,” the complaint said. “Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement.”
The complaint also aggregates comments from Warren Buffett, Bill Gates and others questioning the value of cryptocurrency.
Johnson’s lawyer did not immediately respond to requests for comment on the specific evidence his client has to have claimed the defendants ran a pyramid scheme with Dogecoin.
Elon Musk in 2021 became the world’s richest man, which shows his level of significance globally, his tweets as regards Dogecoin has been keeping the meme coin afloat and in fact, has pushed the coin to one of the top ten cryptocurrency by market cap.
Johnson aims to represent a class of market participants having lost money on the infamous cryptocurrency. He is asking for $86 billion in damages in addition to treble damages of $172 billion. Moreover, he wishes for Dogecoin trading to be declared gambling under New York law, and for Musk and his companies to be forbidden from promoting the coin ever again.
As of now, Dogecoin is currently tumbling around $0.05$, a 92% drop from its all time high of 74 cents.
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