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Cryptoinvestor sues Elon Musk, SpaceX, and Tesla for $258 billion over alleged Dogecoin pyramid scheme

Tanja Nechet

News editor

Jun 17, 2022 at 02:01

American citizen Keith Johnson filed a lawsuit against Elon Musk and his companies. The crypto investor claims they acted in collusion to raise the value of Dogecoin (DOGE). Johnson claimed that he was defrauded “out of money as a result of a Dogecoin crypto pyramid scheme devised by the defendants.”

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” Fortune quoted Johnson`s complaint.

Johnson claims to represent a group of people who have lost money on Dogecoin trading since April 2019. He is asking for $86 billion in damages, plus triple damages of $172 billion, and to ban Musk and his companies from promoting Dogecoin. The man also asks that Dogecoin trading be equated with gambling under U.S. and New York law.

Musk as well as SpaceX and Tesla representatives have not yet commented on the case.

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DOGE traded at about $0.06 on June 17 and has fallen 36.65% in a month. Last year, its value reached $0.74, after which it stopped rising.

Musk has repeatedly promoted DOGE in every way with tweets and more. For example, in May he announced that some SpaceX and Tesla products could soon be purchased with this meme coin.

When asked about integrating payments into the social media giant’s platform (including crypto), Musk said that “money is fundamentally digital at this point and has been for a while.”

“It would make sense to integrate payments into Twitter, so it’s easy to send money back and forth,” he said on June 16 during the virtual all-hands meeting for Twitter.

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