A Dogecoin investor filed a $258 billion lawsuit Thursday in opposition to the billionaire and his corporations Tesla and SpaceX.
Describing himself as an “American citizen who used to be defrauded” through what he known as a “Dogecoin Crypto Pyramid Scheme”, Keith Johnson mentioned he misplaced cash after making an investment in dogecoin.
In a lawsuit filed in a New York courtroom, he’s inquiring for his case to be categorised as a category motion swimsuit on behalf of those that have misplaced cash through making an investment in dogecoin since 2019.
In step with Johnson, since Musk started selling the digital forex, buyers world wide have misplaced round $86 billion. This investor needs Musk to reimburse buyers this amoun0ppppt, plus pay double that during damages — an extra $172 billion.
Dogecoin used to be created in 2013 in humor to 2 large web phenomena: cryptocurrencies comparable to bitcoin, and a meme symbol of a Shiba Inu canine. For many of its lifestyles, the cost of dogecoin traded at simply fractions of a cent.
In the beginning of 2021, Dogecoin rose to $0.73 in Might of that yr, amid a purchasing frenzy that surrounded the GameStop saga and after Musk shared funny messages about it.
It used to be price lower than six cents on Thursday.
Johnson mentioned he believes Musk larger “the associated fee, marketplace cap and buying and selling quantity of Dogecoin” via his promotion of it.
Musk, the arena’s richest guy who has greater than 98 million fans on Twitter, commented that one promising that SpaceX would “put a literal Dogecoin at the literal moon.”
Within the swimsuit, Johnson named Musk’s Tesla electrical carmaker because it accepts dogecoin as cost for positive spinoff merchandise. Certainly one of SpaceX satellites used to be additionally named after dogecoin.
Since Dogecoin has no intrinsic worth neither is it a product, Johnson likened it to a pyramid scheme. it is usually now not subsidized through a tangible asset and the collection of “cash” is limitless.