Keith Johnson, a U.S. investor within the Dogecoin cryptocurrency, has filed a US$258 billion class-action lawsuit towards Elon Musk and two of the businesses he heads, alleging unlawful habits to control the memecoin’s worth.
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- The lawsuit alleges: “Since Defendant Musk and his companies started buying, creating, selling, supporting, and working Dogecoin in 2019, Plaintiff and the category have misplaced roughly $86 billion on this Crypto Pyramid Scheme.”
- The lawsuit seeks whole damages of US$258 billion, or triple the said alleged losses. Tesla, Inc. and SpaceX are the 2 Musk corporations named within the swimsuit.
- The memecoin has fallen greater than 92% from an all-time excessive of US$0.7376 a 12 months in the past.
- “It’s merely a fraud whereby better fools are deceived into shopping for the coin at the next worth,” reads the lawsuit, filed Thursday in U.S. federal court docket in New York.
- The lawsuit requests that Musk and his corporations be barred from selling Dogecoin, in addition to a ruling from the court docket that declares buying and selling in Dogecoin is like playing underneath U.S. and New York legislation.
- As of publication, neither Musk nor his corporations had responded on Twitter to the submitting of the lawsuit.
- Dogecoin fell about 7% to US$0.0567 in Asian morning commerce, in accordance with CoinMarketCap data.
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