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.
Investors who sue say that Dogecoin is an outline Ponzi and accuse the CEO of Tesla the promo-lo.
- More investors joined a lawsuit against Elon Musk
- More respondent companies and agencies were added as well.
- They accuse him of promoting the crypto Dogecoin, which they consider a Ponzi scheme.
- The demand is for USD $258 billion
The CEO of Tesla y Space X Elon Musk has had some problems in recent months related to lawsuits. The best known is his lawsuit with Twitter, after to back out of the purchase of the social network a network refers to all nodes in the operation of a blockchain at any given moment in time. accusing her of not providing information about the fake accounts. In view of this Twitter sued . But Musk has insisted on his stance. In fact, just a few days ago, he said that 90% of their comments on Twitter are made by bots. These are fake accounts using his name and those of other celebrities, such as Binance CEO Changpeng Zhao.
But to the demand for Twitter another one that has gone a little more unnoticed, but that is still in force: one that has to do with enthusiasm for Dogecoin Musk has always said in his social networks.
Suit against Musk by Doge
The lawsuit didn’t start now. In June of this year, a group of people filed a class-action lawsuit against the CEO of Tesla, who they accuse 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.
Media reports indicate that the lawsuit was filed by Keith Johnson Musk, a U.S. citizen who filed the complaint in his own capacity and who is leading another group of affected individuals before the Southern District of New York State. The plaintiff claimed that due to the support of 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 lawsuit is for nothing more and nothing less than Elon Musk’s $258 billion USD bicock. But the first plaintiffs are not alone: it has recently joined new investors from DOGE.
More defendants and plaintiffs
According to reports, the lawsuit grew with new defendants and plaintiffs. Another amended complaint to the initial USD $258 billion lawsuit against Elon Musk, Tesla y Spacex was filed Tuesday in Manhattan federal court.
The following were added to the lawsuit seven new investor plaintiffs and six new defendants including Musk’s tunneling business,The Boring CompanyyDogecoin Foundation.
Musk, Tesla, Spacex, The Boring Companyand other defendants have been accused of intentionally driving up the price of the Dogecoin (DOGE) by more than 36,000% during the two years prior to the meme cryptocurrency crash.
The complaint alleges that the defendants “benefited from tens of billions of dollars.” at the expense of other investors in Dogecoin claiming that they knew all along that the meme cryptocurrency lacked intrinsic value and that its value “depended solely on marketing”.
As we said, the lawsuit was originally filed back in June, alleging that Musk and his companies “are involved in a crypto pyramid scheme through the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. Dogecoin. “. The plaintiffs asserted that the “Defendants falsely and misleadingly claim that Dogecoin is a legitimate investment when it is worthless.”
However, on that occasion, Musk responded :
“I’ve never said people should invest investing is when you put money in a financial scheme with the intent of making a gain. in cryptocurrencies. In the case of Tesla, SpaceX, myself, we all buy some Bitcoin, but it’s a small percentage of our total cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. assets. So it’s not that significant. I also bought some Dogecoin and Tesla accepts that currency currency is a medium of exchange that defines value. for some merchandise.”
On this occasion – for now – Musk has not yet written anything about it on social media.
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