• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 hours Solving The Space Problem For America’s Solar Industry
  • 16 hours Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 17 hours Investment in renewables tanking
  • 10 hours How Far Have We Really Gotten With Alternative Energy
  • 5 days If hydrogen is the answer, you're asking the wrong question
  • 5 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
Oil Markets On Edge Ahead Of OPEC Meeting

Oil Markets On Edge Ahead Of OPEC Meeting

Oil markets are growing increasingly…

Musk Slammed With $258 Billion Lawsuit Over Crypto Posts

Elon Musk, Tesla, and SpaceX were hit by a $258bn (£210.2bn) lawsuit on Thursday by a Dogecoin investor accusing them of running a “Crypto Pyramid Scheme (aka Ponzi scheme)” relating to the cryptocurrency.

The complaint, filed in a Manhattan court, alleged that the world’s richest man and the two companies he runs, electric vehicle maker Tesla and spacecraft manufacturer SpaceX, were engaged in a “fraudulent” scheme concerning Dogecoin.

Plaintiff Keith Johnson, seeking to represent a class of people, claimed that the cryptocurrency was a “fraud whereby ‘greater fools’ are deceived into buying the coin at a higher price.”

The plaintiff said he and his class lost about $86bn (£69.9bn) since 2019 after Musk, Tesla, and SpaceX began supporting Dogecoin. He is seeking that amount plus $172bn (£140.2bn) in damages and wants Dogecoin investing to be legally declared gambling.

The complaint alleged that Musk knew his tweets about the token directly affected its price, market cap, and trading volume. It listed the multiple times the billionaire personally and through his companies had promoted Dogecoin, and the subsequent impacts on its price.

The plaintiff claimed that every social media statement and endorsement on Dogecoin by the defendants “knowingly caused millions of people to spend billions of dollars buying into the Dogecoin Crypto Pyramid Scheme.” He alleged that the defendants knew the crypto had “no value” and “falsely and deceptively claimed that Dogecoin is a legitimate investment.”

“Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement,” the complaint said.

Dogecoin is currently trading at about $0.056, down more than 90% from its all-time high of about $0.74 in May last year.


By City AM

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • George Doolittle on June 18 2022 said:
    One could argue in the reverse that the scam is the money not the crypto. By way of example look at the Japanese Yen. And what about Wall Street itself if this be true?

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News