{"id":463881,"date":"2022-06-16T19:36:48","date_gmt":"2022-06-16T16:36:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/elon-musk-sued-for-258-billion-over-dogecoin-pyramid-scheme\/"},"modified":"2022-06-16T19:36:48","modified_gmt":"2022-06-16T16:36:48","slug":"elon-musk-sued-for-258-billion-over-dogecoin-pyramid-scheme","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/elon-musk-sued-for-258-billion-over-dogecoin-pyramid-scheme\/","title":{"rendered":"#Elon Musk sued for $258 billion over dogecoin &#8216;pyramid scheme&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3be71f3b0ba\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3be71f3b0ba\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-sued-for-258-billion-over-dogecoin-pyramid-scheme\/#%E2%80%9CElon_Musk_sued_for_258_billion_over_dogecoin_%E2%80%98pyramid_scheme%E2%80%9D\" >&#8220;Elon Musk sued for $258 billion over dogecoin &#8216;pyramid scheme&#8217;&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1>&#8220;Elon Musk sued for $258 billion over dogecoin &#8216;pyramid scheme'&#8221;<\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Elon Musk was hit with a $258 billion lawsuit that alleges the tech mogul and his high-profile companies \u201care engaged in a crypto pyramid scheme by way of dogecoin cryptocurrency.\u201d <\/p>\n<p>In federal court papers filed in Lower Manhattan, the plaintiff, Keith Johnson, names Musk as well as his electric car company, Tesla, and the space tourism firm SpaceX.<\/p>\n<p>Johnson, a US citizen, wants $86 billion in damages, plus <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>led damages of $172 billion for losses incurred from trading dogecoin since 2019. He is seeking to represent a class of people who have lost money investing in dogecoin.<\/p>\n<p>The lawsuit also demands that Musk, Tesla and SpaceX cease promoting dogecoin.<\/p>\n<p>On Thursday, one dogecoin was worth just north of 6 cents \u2014 well off its all-time high of 74 cents in May 2021.<\/p>\n<p>\u201cDogecoin is not a currency, stock, or security. It\u2019s not backed by gold, other precious metal, or anything at all. You can\u2019t eat it, grow it, or wear it,\u201d according to the court filing.<\/p>\n<p>The lawsuit continues: \u201cIt doesn\u2019t pay interest or dividend. It has no unique utility compared to other cryptocurrencies\u2026It\u2019s not secured by a government or private entity.\u201d<\/p>\n<p>\u201cIt\u2019s simply a fraud whereby \u2018greater fools\u2019 are deceived into buying the coin at a higher price.\u201d<\/p>\n<p>Musk has not responded to the lawsuit.<\/p>\n<p>Earlier this year, Musk revealed that\u00a0Tesla had begun accepting dogecoin\u00a0for transactions in its online store.\u00a0SpaceX is expected to follow suit\u00a0in the near future.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/dogecoin-75-2.jpg?w=1024\" alt=\"Musk's frequent promotion of the meme cryptocurrency has sent its value surging, though the digital coin has plummeted in recent weeks along with other cryptocurrencies.\" class=\"wp-image-22686242\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/dogecoin-75-2.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/dogecoin-75-2.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/dogecoin-75-2.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Musk\u2019s frequent promotion of the meme cryptocurrency has sent its value surging, though the digital coin has plummeted in recent weeks along with other cryptocurrencies.<\/figcaption><figcaption><span class=\"credit\">NurPhoto via Getty Images<\/span><\/figcaption><\/figure>\n<p>The announcement sent the value of dogecoin surging.<\/p>\n<p>Tesla also spent $1.5 billion on bitcoin in February 2021 \u2013 a move the electric car marker said would provide \u201cmore flexibility to further diversify and maximize returns on our cash.\u201d <\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>At the time of the disclosure, the price of bitcoin was hovering in the $30,000 to $40,000 range.<\/p>\n<p>Musk this week broke his silence on the recent collapse in digital asset prices \u2014 and responded to a meme revealing the next sector of the economy he expects to plunge.<\/p>\n<p>Musk reacted to the steep selloff in bitcoin, the largest cryptocurrency by market cap, which briefly plunged below $21,000 \u2014 its lowest level since December 2020.<\/p>\n<p>\u201cCryptonight,\u201d\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1536874842783244288\">Musk tweeted<\/a>\u00a0Tuesday night.<\/p>\n<p>Musk also replied to a meme posted by dogecoin co-creator Billy Markus.<\/p>\n<p>The cartoon image showed the grim reaper <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roaching a door labeled \u201creal estate\u201d after previously making grisly stops in rooms labeled \u201cstocks\u201d and \u201ccryptocurrency.\u201d<\/p>\n<p>\u201cTrue,\u201d Musk said in response to the post.<\/p>\n<p>The billionaire has repeatedly touted investments in cryptocurrencies in recent years. In March, he\u00a0declared that he \u201cwon\u2019t sell\u201d\u00a0his holdings in bitcoin, Ethereum and Dogecoin despite rising inflation and economic uncertainty that has led many investors to sell riskier asserts. <\/p>\n<p>The world\u2019s richest man has never disclosed how much of his wealth is tied to crypto.<\/p>\n<p>Dogecoin was trading 4.79% higher on Thursday afternoon while other well-known cryptocurrencies like bitcoin were trading lower.<\/p>\n<p>Bitcoin fell 1.07% to $21,062.88. Ethereum rose 0.53% to $1,113.69, according to\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinbase.com\/price\">Coinbase data<\/a>.\n                        <\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/06\/16\/elon-musk-sued-for-258-billion-over-dogecoin-pyramid-scheme\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Elon Musk sued for $258 billion over dogecoin &#8216;pyramid scheme&#8217;&#8221; Elon Musk was hit with a $258 billion lawsuit that alleges the tech mogul and his high-profile companies \u201care engaged in a crypto pyramid scheme by way of dogecoin cryptocurrency.\u201d In federal court papers filed in Lower Manhattan, the plaintiff, Keith Johnson, names Musk as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":463882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/elon-94-3.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,86883,130374,76127,39394],"class_list":["post-463881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-dogecoin","tag-6-16-22","tag-cryptocurrency","tag-elon-musk"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=463881"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/463882"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=463881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=463881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=463881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}