cryptobriefing.com Open in urlscan Pro
2606:4700:20::6819:1277  Public Scan

Form analysis
3 forms found in the DOM

GET /

<form action="/" method="get" class="search-form-mobile">
  <input type="text" name="s" id="search-mobile" value="" autocomplete="off" data-swplive="true" data-swpparentel=".header-mobile .search-results-wrap">
  <div class="search-results-wrap"></div>
</form>

GET /

<form action="/" method="get" class="search-form">
  <input type="text" name="s" id="search" value="" autocomplete="off" data-swpparentel=".header-desktop .search-results-wrap">
  <button type="submit" class="search-form-btn">Search</button>
</form>

<form class="subscribe-form" id="newsletter-modal-form">
  <div class="subscribe-form-body">
    <input type="text" name="rwpzeuyofx" class="subscribe-form-input" autocomplete="off" placeholder="Email address">
    <input type="text" name="email" hidden="" autocomplete="off" placeholder="Email address">
    <button type="submit" class="join-button">Join!</button>
  </div>
  <p class="error-message"></p>
</form>

Text Content

 * Business
 * Markets
 * Analysis
 * Technology
 * People
 * Education
 * SIMETRI Research



 * Business
 * Markets
 * Analysis
 * Technology
 * People
 * Education
 * SIMETRI Research


Search

News


ELON MUSK SUED FOR $258B FOR PROMOTING DOGECOIN

by
Tom Carreras
22 hours ago


A DISGRUNTLED INVESTOR IS AMBITIOUSLY SUING THE WORLD’S RICHEST MAN FOR MORE
MONEY THAN HE HAS.


Photo: Angela Weiss/AFP via Getty Images


RECOMMENDED


NFT EXPRESS: YOUR ON-RAMP TO THE WORLD OF NFTS

Sponsored Tatum


TRENDING NEWS


BITCOIN “IS FAILING AS AN ELECTRONIC CASH SYSTEM”: EDWARD SNOWDEN

People Jun. 11, 2022


BITCOIN, ETHEREUM IN CRITICAL CONDITION

Markets May. 26, 2022


TERRA GOES LIVE WITH NEW BLOCKCHAIN AND LUNA AIRDROP

Analysis May. 28, 2022


ANKR GIVES BNB CHAIN A MAJOR PERFORMANCE UPGRADE WITH ITS OPEN-SOURCE CONTR...

Press Release 1 day ago


PLAYDAPP MAKES 3 MAJOR ANNOUNCEMENTS AT CONSENSUS 2022

Press Release 1 day ago



KEY TAKEAWAYS

 * An American citizen by the name of Keith Johnson is seeking $258 billion in
   damages from Elon Musk for promoting Dogecoin.
 * Johnson claims Musk, Tesla and SpaceX were part of a “Crypto Pyramid Scheme”
   and were partaking in illegal racketeering.
 * Dogecoin is currently 92% down from its all time high.

This news was brought to you by Nexo. Get up to $150 in BTC when you sign up and
top up at least $1,500 in your account.

SHARE THIS ARTICLE

URL Copied

A lawsuit has been brought against Elon Musk, Tesla and SpaceX for participating
in the promotion of Dogecoin, which the accuser claims is a pyramid scheme.


A “CRYPTO PYRAMID SCHEME”

Elon Musk and his companies are being sued for promoting Dogecoin.

According to Bloomberg, the class action lawsuit is brought to them by Keith
Johnson, an American citizen who claims to have been “defrauded out of money by
[Musk’s] Crypto Pyramid Scheme.” Johnson seeks a grand total of $258 billion in
damages. The case was filed today in the Southern District of New York. 



The suit concerns Musk and his two flagship companies, SpaceX and Tesla. Johnson
claims they were part of an illegal racketeering scheme that aimed to inflate
Dogecoin’s price. “Defendants falsely and deceptively claim that Dogecoin is a
legitimate investment when it has no value at all,” Johnson said in the
complaint.

Elon Musk became the richest man in the world in 2021; his net worth is
currently estimated at $202 billion. The eccentric entrepreneur’s tweets were a
major driver behind Dogecoin’s meteoric rise last year. The coin reached its
all-time high around the time Musk dedicated an entire sketch to it on Saturday
Night Live.

Johnson aims to represent a class of market participants having lost money on
the infamous cryptocurrency. He is asking for $86 billion in damages in addition
to treble damages of $172 billion. Moreover, he wishes for Dogecoin trading to
be declared gambling under New York law, and for Musk and his companies to be
forbidden from promoting the coin ever again.



Despite loudly advocating for the coin, neither Musk nor his companies are known
to have had any involvement in its development. Dogecoin was created in 2013 by
software engineers Billy Markus and Jackson Palmer; it was the first “meme coin”
ever released, meaning that it purposefully had no use case and was advertised
as such. Dogecoin is currently trading at around $0.05, a 92% drop from its
all-time high of 73 cents.

Disclosure: At the time of writing, the author of this piece owned ETH and
several other cryptocurrencies.

This news was brought to you by Nexo. Get up to $150 in BTC when you sign up and
top up at least $1,500 in your account.


SHARE THIS ARTICLE

URL Copied
Disclaimer Read More Read Less

The information on or accessed through this website is obtained from independent
sources we believe to be accurate and reliable, but Decentral Media, Inc. makes
no representation or warranty as to the timeliness, completeness, or accuracy of
any information on or accessed through this website. Decentral Media, Inc. is
not an investment advisor. We do not give personalized investment advice or
other financial advice. The information on this website is subject to change
without notice. Some or all of the information on this website may become
outdated, or it may be or become incomplete or inaccurate. We may, but are not
obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment
based on the information on this website, and you should never interpret or
otherwise rely on any of the information on this website as investment advice.
We strongly recommend that you consult a licensed investment advisor or other
qualified financial professional if you are seeking investment advice on an ICO,
IEO, or other investment. We do not accept compensation in any form for
analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized
sales, securities, or commodities.

See full terms and conditions.


RECOMMENDED NEWS


NFT EXPRESS: YOUR ON-RAMP TO THE WORLD OF NFTS

Sponsored Tatum
At Tatum, we’ve already made it super easy to create your own NFTs on multiple
blockchains without having to learn Solidity or create your own smart contracts.
Anyone can deploy...



AMC IS CONSIDERING DOGECOIN ALONGSIDE OTHER CRYPTOS

News Sep. 21, 2021
Adam Aron, CEO of AMC Entertainment, polled his Twitter audience today on the
possibility of accepting Dogecoin. More Than 80% of Respondents Support Dogecoin
Aron posted this message on his...



DOGECOIN SPIKES AS ELON MUSK PLOTS TWITTER TAKEOVER

News Apr. 14, 2022
After acquiring a 9.2% stake in Twitter earlier this month, Elon Musk has
offered to buy a 100% stake in the social media giant for $54.20 per share in
cash....



ELON MUSK COMPLETES TWITTER TAKEOVER IN $44B DEAL

People Apr. 25, 2022
Musk now owns a 100% stake in Twitter.  Elon Musk Buys Twitter Elon Musk, the
richest person in the world with an estimated net worth of $270 billion, has
become...


×


SUBSCRIBE TO OUR NEWSLETTER

Get daily crypto briefings and weekly Bitcoin market reports delivered right to
your inbox.

Join!





Remind me later

© Decentral Media and Cryipto Brieifing® 2022.

 * Try SIMETRI
 * About Us
 * Team
 * Careers
 * Advertise
 * Disclaimer

 

We would like to show you notifications for the latest news and updates


AllowCancel