While it’s true that Elon Musk is a big fan of Dogecoin, tweeting a lot about the digital currency, the tech billionaire’s love for Dogecoin has gotten him into trouble, with an alleged Dogecoin pyramid scheme at $258 billion.
Elon Musk can the charges against him be substantiated and most importantly Elon is a fraud join me in this post today where we will explore everything from the $258 billion lawsuit that Elon Musk is facing There are some crimes you wouldn’t expect from the richest people in the world.
Tesla founder and CEO Elon Musk has been sued for involving himself in the Dogecoin pyramid scheme, a lawsuit that has garnered a lot of media attention, given the fact that many people have lost money. Crypto Trading and Scam Named Keith Johnson, an American crypto investor is suing Elon Musk and his companies Tesla and SpaceX for allegedly promoting a Dogecoin pyramid scheme.
Mee Johnson claims they constituted an illegal racket that inflated the price of Dogecoin even though they knew it was not of value, the case is before the US District Court in Southern New York Manhattan, case number and title Johnsonnav Musk 22cv05037 and the complaint states that the defendants were aware since 2019 that Dogecoin had no value, yet promoted Dogecoin to profit from their trading muskets.
Used his posture as the world’s richest man to operate and manipulate Dogecoin pyramid scheme for profit, risk and entertainment, it is also mentioned that Dogecoin is a pyramid scheme but what exactly is a pyramid scheme It is a fraudulent system of making money by recruiting increasing number of investors.
Leading investors will recruit more investors who will continue to recruit more investors and a similarly fraudulent scheme is called a pyramid scheme because the number of investors is increasing at each level. Johnson explicitly stated that he represents a class.
He is asking for $86 billion in damages and $172 billion in triple damages to begin with the SS of people who have lost money trading Dogecoin since April 2019, he is also requesting for an injunction that will allow Musk and his companies. Will eventually stop promoting Dogecoin. He wants the dog trade to be declared as gambling under US and New York law.
It is true that tech billionaire Elon Musk has used his influence to promote Dogecoin and there is really no problem that everyone has a right to promote it. As long as it is not against the law, Elon Musk has used his Twitter account to promote Dogecoin as the coin of the future in 2021 as a perfect example.
The CEO has also made it clear that his companies will accept Doge Payments, which soared the price of the digital currency as soon as the tech billionaire made that statement. In similar statements when he began the process of buying Twitter, the tech mogul promised that Twitter Blue customers would have the option to pay for the service using Doge, as expected crypto prices also went up.
As Tesla owner made these statements but why Elon is obsessed with dog, does he only like coin or is it part of a fraud scheme as claimed by crypto investor who is suing him, Is it appropriate for us to look at the technical icon arguments promoting Dogecoin before passing judgment.
You can be sure that the tech mogul will be using these reasons to defend himself when he begins with a trial in US District Court in Manhattan, the owner choosing Dogecoin over other coins because it compares to other digital currencies like bitcoin. There is an unlimited supply.
In fact the maximum number of bitcoins is 21 million and more than 19 million of them have already been mined because it makes every sense for Elon to support Doge. The latter will be replenished sooner than bitcoin, plus the technical genius supports Dogecoin as it uses less electricity in mining than bitcoin.
While bitcoin mining uses approximately 707 kWh per transaction, Dogecoin uses 0.12 kWh per transaction. Elon to support and promote Dogecoin because it is in line with its goals of promoting sustainable production and energy consumption.
This explains the reason why Tesla owner canceled the purchase of Tesla goods using bitcoin, he promised to revive the purchase of Tesla products using bitcoin once it starts using sustainable energy and Mines the lawsuit that is facing Elon.
Will likely bring in other billionaires who are strong critics of Dogecoin billionaires. Warren Buffett and Bill Gates are likely.