17 Jun, 2022
1 min time to read

Elon Musk and two of his companies, Tesla and SpaceX were sued for $258 billion a Dogecoin investor. The lawsuit alleges that Musk was part of a crypto pyramid scheme to back the cryptocurrency.

Dogecoin is not a currency, stock, or security. It has no unique utility compared to other cryptocurrencies…It’s simply a fraud whereby ‘greater fools’ are deceived into buying the coin at a higher price, according to the court filing.

Apart from $258 billion in damage, the plaintiff wants to block Musk from promoting Dogecoin and a judge to declare that trading Dogecoin is gambling.

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.

Starting off as a “meme coin” in 2013, Dogecoin became one of the most talked-about digital assets. It’s now the 11th biggest digital asset, with a market cap of $7.5 billion. Nevertheless, Dogecoin traded at about 5.8 cents on Thursday, down from its May 2021 peak of about 74 cents.