{"id":4980,"date":"2022-06-16T23:06:52","date_gmt":"2022-06-16T23:06:52","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=4980"},"modified":"2022-06-16T23:06:53","modified_gmt":"2022-06-16T23:06:53","slug":"elon-musk-spacex-and-tesla-are-facing-258-billion-lawsuit-for-promoting-dogecoin-pyramid-scheme","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4980","title":{"rendered":"Elon Musk, SpaceX and Tesla are facing $258 billion lawsuit for promoting Dogecoin &#8220;pyramid scheme&#8221;"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/> \ud83d\udc4b Want to work with us? CryptoSlate is hiring for a handful of positions!<\/p>\n<p>Elon Musk\u00a0is facing a\u00a0colossal lawsuit\u00a0that alleges that he, as well as his companies, Tesla and SpaceX were \u201cengaged in a crypto pyramid scheme by way of Dogecoin cryptocurrency.\u201d <\/p>\n<p>The lawsuit is seeking a $258 billion settlement over Musk\u2019s alleged involvement in the claimants being \u201cdefrauded out of money\u201d by the Dogecoin (DOGE) cryptocurrency.<\/p>\n<p>The class-action lawsuit was brought forward by Keith Johnson, \u201can American citizen who was defrauded out of money by defendants\u2019 Dogecoin Crypto Pyramid Scheme,\u201d who is claiming that Elon Musk and his companies are part of a racketeering operation that aims to artificially raise the price of Dogecoin.<\/p>\n<p>Keith Johnson is seeking $86 billion in damages in addition to treble damages of $172 billion on behalf of a group of investors who allegedly lost money after trading Dogecoin starting in 2019. Additionally, Johnson seeking an order that stops Musk and the companies he is associated with from promoting the dog-themed cryptocurrency. He also requests that Elon Musk and his companies declare that trading Dogecoin is considered gambling under US and New York Law.<\/p>\n<p>According to the lawsuit that was filed on Thursday, Musk and his companies \u201cfalsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,\u201d which is most likely a reference to the SpaceX founder\u2019s many tweets endorsing the meme-based cryptocurrency. <\/p>\n<p>For example, Dogecoin\u2019s price\u00a0grew by 8%\u00a0in March this year after he gave tips on surviving tough economical times, advice that included him saying that will hold onto his Bitcoin (BTC), Ethereum (ETH), and Doge.<\/p>\n<p>The lawsuit goes on to claim that Musk and his corporations (Tesla and SpaceX) \u201cbegan purchasing, developing, promoting, supporting, and operating Dogecoin since 2019\u201d, which in turn led to the plaintiff and the class losing \u201capproximately $86 billion in this Crypto Pyramid Scheme.<\/p>\n<p>Elon Musk has yet to comment on this lawsuit but he does have a history of promoting Dogecoin via his companies and social media. Earlier this year Elon Musk\u2019s electronic car company Tesla announced that they would be\u00a0accepting Dogecoin payments\u00a0for purchases. In April 2021,\u00a0Dogecoin pumped by 10%\u00a0after Elon Musk tweeted about using SpaceX to put a literal Dogecoin on the moon.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/elon-musk-spacex-and-tesla-are-facing-258-billion-lawsuit-for-promoting-dogecoin-pyramid-scheme\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udc4b Want to work with us? CryptoSlate is hiring for a handful of positions! Elon Musk\u00a0is facing a\u00a0colossal lawsuit\u00a0that alleges that he, as well as his companies, Tesla and SpaceX were \u201cengaged in a crypto pyramid scheme by way of Dogecoin cryptocurrency.\u201d The lawsuit is seeking a $258 billion settlement over Musk\u2019s alleged involvement in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-4980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4980"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4980\/revisions"}],"predecessor-version":[{"id":4982,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4980\/revisions\/4982"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4981"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}