Musk Faces Lawsuit Over Alleged Dogecoin Fraud

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It is already well established that any positive activity around Elon Musk and Tesla often boosts Dogecoin’s price almost instantly. In a latest development, a U.S. citizen is charging Musk with alleged involvement in Dogecoin related fraud in a Musk Dogecoin lawsuit.

According to a Bloomberg report, Musk, along with SpaceX and Tesla were sued for $258 billion over Doge-related claims. The case filing suggests allegations that they are part of a “racketeering scheme to back Dogecoin.

‘Dogecoin Is Deceptive’

The report mentions Keith Johnson as an American citizen who is behind the lawsuit. Johnson was allegedly “defrauded out of money by defendants’ Dogecoin Crypto Pyramid Scheme.” He claimed that they constitute an illegal racketeering enterprise to inflate Dogecoin’s price.

In his complaint filed on Thursday in federal court in Manhattan, he said,

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all.”

Demand To Block Musk From Promoting Dogecoin

In the complaint, Johnson sought to represent all those who lost money trading in Dogecoin since April 2019. Demanding $86 billion in damages and triple damages of $172 billion, he also demands action against Musk.

He wants the court to issue an order preventing the Tesla CEO from promoting the world’s largest memecoin. Johnson also wants Dogecoin trading to be declared as constituting gambling under the state and federal law in the Musk Dogecoin lawsuit.

Recently, Musk announced Tesla merchandise could be purchased using Dogecoin, taking the token’s price upwards. It was also announced that Dogecoin could also be used to purchase SpaceX merchandise too soon.

The billionaire himself is a DOGE holder and often openly supports the token in his tweets. The tweets, almost always, attract positive price action for Dogecoin. Musk’s interest in purchasing social media platform Twitter had also sparked interest in Dogecoin purchasing.

Anvesh reports major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach out at anvesh (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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