Dogecoin is a cryptocurrency based on the popular "Doge" Internet meme and features a Shiba Inu on its logo. Dogecoin is a Litecoin fork. Introduced as a "joke currency" on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014. Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined.
The lawsuit compares to Dogecoin with a pyramid scheme, and points to Musk as responsible as his social media posts motivated many to invest investing is when you put money in a financial scheme with the intent of making a gain. in the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency.
- Elon Musk is being sued as a class action lawsuit for promoting Dogecoin.
- Those affected accuse him of promoting a scheme “Pump and dump”.
- The lawsuit seeks to make Musk pay an average of USD $250 billion for losses and damages.
- Musk ya ha tenido problemas con los reguladores en el pasado.
Recently published reports indicate that a group of people have filed a class action lawsuit against the CEO of Tesla y SpaceX, Elon Musk, who is accused of promoting a Ponzi scheme because of his continued support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for cryptocurrency. Dogecoin.
Class action lawsuit against Musk
Reports indicate that the lawsuit was filed by Keith Johnson, a U.S. citizen who filed the complaint in his own capacity and who heads another group of affected people before the Southern District of New York State. The plaintiff claims that because of the manifest support by Musk and his companies towards the cryptocurrency. DOGE, he and many other investors suffered significant losses, in what he describes as a scheme that“Pump and dump”.
The complaint was backed up by many other investors who also recorded losses after investing in Dogecoin. The plaintiffs allege that the tycoon inflated cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. prices after calling himself a cryptocurrency fanatic, which had a very positive impact on its price, especially when he posted messages expressing his support for DOGE.
The complaint reads:
“Every statement and endorsement by the defendants [Musk and his companies] on social media regarding Dogecoin has deliberately caused millions of people to spend millions of dollars investing in that Dogecoin crypto pyramid scheme.”
The document also indicates that the lawsuit is seeking some USD $86 billion in compensation for monetary losses, to which could be added another USD $172 billion for what it describes as “triple damages”.
Elon Musk y Dogecoin
On the allegations of the lawsuit, it’s no secret that Musk is considered a true fan of digital currency, expressing his support on several occasions through messages posted on his social networks.
Su respaldo ha sido tal que incluso sus empresas emblema, Tesla y SpaceX, accept payments with DOGE for some products of the respective brands.
The tycoon has gone much further in terms of backing the Dogecoin, as he has even reached out to its development team to provide advice and recommendations for improving the digital currency currency is a medium of exchange that defines value. and its network. However, the project’s core developers have respectfully rejected Musk’s call, saying they want the project to be free of private interests.
Problems with regulators
Just as Musk has been outspoken on social media about his support for Dogecoin, This has also earned it some trouble with U.S. regulators.
In the past the SEC called Musk’s attention to the effect his posts were having on Musk’s stock price. Dogecoin, la cual llegó a registrar notables aumentos en los instantes en los que el magnate publicaba memes o mensajes donde hacía gala de su fanatismo por la moneda digital.
Other reports claim that in 2018 the mogul had problems with the SEC for his alleged plans to privatize Tesla. There was also an investigation against Musk for apparent insider trading for various negotiations.
Currently Musk is about to become the owner of the social network. Twitter, although there are doubts about whether the business will materialize because of the dissatisfaction of the tycoon with certain aspects of the platform.
- Elon Musk hints at canceling Twitter buyout due to “breach” of agreement
- Dogecoin co-founder says Elon Musk is a “scammer” who doesn’t know how to program and Musk strikes back
- SpaceX will soon accept Dogecoin payments, announces Elon Musk
Version by Angel Di Matteo / DiarioBitcoin
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