Elon Musk Sued For $258 Billion Due To Support Dogecoin

Elon Musk Sued For $258 Billion Due To Support Dogecoin One of the customers of Dogecoin sued Elon Musk for $258 billion over support to Dogecoin; also he sued Elon Musk's companies too #elonmusk #elonmusknews #dogecoin #doge #crypto #currencies #cryptocurrency #currency #sued #Tesla #KeithJohnson #billionaire #elonmusktwitter #Bitcoin #JacksonPalmer

Elon Musk, SpaceX, and Tesla have got sued for $258 billion over claims that they are part of a criminal scheme to support the Dogecoin cryptocurrency. Keith Johnson was a US citizen defrauded by the defendants’ Dogecoin crypto pyramid scheme. He has sued Musk and his companies, claiming they constitute an illegal enterprise to inflate the price of Dogecoin and their support. Johnson said in his…

View On WordPress

Elon Musk sued for $258 billion over dogecoin support | World News

Elon Musk sued for $258 billion over dogecoin support | World News

An investor in dogecoin, originally created as a joke but whose value increased and fell as it was promoted by Elon Musk, filed a $258 billion lawsuit Thursday against the billionaire and his companies Tesla and SpaceX. Keith Johnson, who says he lost money after investing in dogecoin, described himself as an “American citizen who was defrauded” by what he called a “Dogecoin Crypto Pyramid…

View On WordPress

In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc (TSLA.O) and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price, only to then let the price tumble.

$258 billion in damages seems about right.

Elon Musk, SpaceX and Tesla Inc. were sued for $258 billion over claims they are part of a racketeering scheme to back the cryptocurrency Dogecoin.

Keith Johnson, “an American citizen who was defrauded out of money by defendants’ Dogecoin Crypto Pyramid Scheme,” sued Musk and his companies, claiming they constitute an illegal racketeering enterprise 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 his complaint, filed Thursday in federal court in Manhattan.

Johnson is seeking to represent a class of people who have lost money trading in Dogecoin since April 2019. He is asking for $86 billion in damages, plus triple damages of $172 billion, as well as an order blocking Musk and the companies from promoting Dogecoin, and declaring that Dogecoin trading constitutes gambling under US and New York law.

Musk didn’t immediately respond to emails seeking comment on the suit. Representatives of SpaceX and Tesla, and Tesla’s legal counsel, also didn’t respond right away.

Dogecoin was trading on Thursday at about 5 cents and is down about 67% this year. It spiked to as high as 74 cents last year before giving up those gains.

The case is Johnson v. Musk, 22-cv-05037, US District Court, Southern District of New York (Manhattan).

The class-action lawsuit, Johnson v. Musk, 22-cv-05037, accuses Musk of running a crypto pyramid scheme -- also known as a Ponzi Scheme -- using the Dogecoin cryptocurrency, of which Musk has been a passionate supporter since 2019.

"It's not backed by gold, or other precious metal, or anything at all. You can't eat it, grow it, or wear it. Dogecoin does not generate cash flow. It doesn't pay interest or a dividend. It has no unique utility compared to other cryptocurrencies. It is not part of a new internet or metaverse. It's not based upon or tied to anything of value," the introduction of the case says. 

In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc (TSLA.O) and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price, only to then let the price tumble.

Musk is CEO of both Tesla and SpaceX.

"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading," the complaint said. "Musk used his pedestal as World's Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement."

The complaint also aggregates comments from Warren Buffett, Bill Gates and others questioning the value of cryptocurrency.

Tesla, SpaceX and a lawyer for Musk did not immediately respond to requests for comment.

Billionaire investor Ryan Cohen has been appointed as the new Chief Executive Officer (CEO) of GameStop, a brick-and-mortar video game retailer in the United States, a move that could potentially impact Dogecoin. GameStop’s stock and the Dogecoin price have shown signs of correlation. Before assuming this role, Cohen had been the Executive Chairman of GameStop since January 2022 and remained the largest shareholder. The experienced investor takes over in what analysts said is an attempt by the board to turn around the fortunes of the public company. Pro-GameStop Billionaire Takes Over As CEO In this role, Cohen takes over as the President, Chief Executive, and Chairman of GameStop, representing a move to overhaul and possibly revive the company’s leadership structure. While he assumes several positions, reports indicate that the billionaire won’t receive a salary.  Following news of Cohen’s announcement, GameStop prices surged 10%. Analysts interpret this expansion as confidence in the experienced investor’s capability and even genuine commitment to sparking a turnaround following challenges in 2022 and the shifting landscape that has seen sales in brick-and-mortar stores fall.  The appointment is bullish for GameStop because Cohen is one of the largest shareholders. From September 2020, the billionaire started accumulating aggressively through to December 2020.  The billionaire publicly supported a stock that hedge funds had ignored, as they were betting on a video game retailer to go bankrupt. However, in January 2021, due to a “short squeeze,” GameStop’s stock prices surged by 1,500% as retailers jumped on board, causing the stock to reach around $81. Will Dogecoin Mirror GameStop’s Rally Of 2021? The sharp expansion of GameStop in January due to FOMO and retailers banking on a “meme stock” bear the same characteristics as the sudden rally of Dogecoin in the first half of 2021. At peaks, Dogecoin soared to as high as $0.78 as support from Elon Musk, the world’s richest entrepreneur, pumped the coin to record levels. The CEO of X openly expressed support for DOGE, even appearing on Sunday Night Live (SNL) as the “Doge Master.” [embed]https://www.youtube.com/watch?v=fCF8I_X1qKI[/embed] Beyond Elon Musk, Dogecoin’s status as the first meme coin and its alignment with the broader trend of meme stocks rallying in early 2021, driven chiefly by online communities and social media, fueled DOGE prices. DOGE prices have since cooled off, falling by over 80% as bears pressed on, reversing the project’s huge valuations. Even so, supporters remain bullish, expecting the meme coin to recover in the sessions ahead.  Dogecoin prices on September 28| Source: DOGEUSDT on Binance, TradingView It remains to be seen if Elon Musk will continue tweeting frequently about DOGE. The billionaire is being sued in New York for allegedly promoting Dogecoin as a “get-rich-quick” scheme. The lawsuit claims that Musk, Tesla, and SpaceX were involved in a “racketeering conspiracy” to support DOGE. Source

American Rapper Soulja Boy Accused of Scam Twitter Promotions and NFT Drops

  On-chain detective @zachxbt has drawn attention to the fact that American rapper Soulja Boy has been duping people with his 16 NFT drops and 73 promotions on Twitter.

The rapper is said to have been involved in multiple pump-and-dump schemes in which he advertised projects and enticed his fans to invest in them, but quickly backed out, leaving his supporters with A worthless investment.

Soulja Boy Accused of Twitter, NFT Scams

The rise of NFTs has brought about an increase in countless scams and fraudulent activities. Rapper Soulja Boy joins the list of celebrities accused of defrauding via promotions and NFT drops on Twitter.

One example occurred in July 2021 during the promotion of RapDoge by Soulja Boy and fellow rappers Quavo and Lil Yachty. The same event was canceled in the future, leaving investors with huge losses. Another scam was ParrotsDAO, which was withdrawn the day after it was announced.

3/ EX 1: RapDoge On July 19th, 2021, Soulja Boy tweeted: "Let's push $RAPDOGE up to $.000001, get all our friends on board, it's you and me The lilyachty" Project Rug quit after receiving shillings from Lil Yachty and Quavo over the next few hours. pic.twitter.com/VUAWaapTIV

— ZachXBT (@zachxbt) April 19, 2023

Soulja Boy was also involved in a Flokinomics promotion that turned out to be a hoax involving him promoting a Dogecoin knockoff he claimed was created by Elon Musk. He was also sued over the Safemoon promotion.

Other notable mentions were Orion and The Life Token, two schemes to manipulate prices with cancer and suicide prevention charities. These initiatives were unsuccessful and quickly abandoned, further evidence of their illegality.

8/ Soulja Boy drops many different NFT collections. In 2021 alone, I found out that he has created a total of 9 collections. One of the sites, called SouljaBoyNFT, advertised various utilities, but the site has since taken down. pic.twitter.com/sxczR1s77U

— ZachXBT (@zachxbt) April 19, 2023

Soulja Boy has also promoted a collection of NFTs, some of which promise various utilities. Still, some of these collectibles are now discontinued, and buyers have yet to receive a refund for their investment.

   You might also like: Celebrity Cryptocurrency Endorsements Reveal a Dangerous Trend Soulja Boy Is Still in Business Despite Claims

Despite early controversies and failures, the rapper has been producing and promoting more NFTs.

12/ It's clear that Soulja Boy will do whatever it takes to make money, whether or not it hurts his fans. I suspect there are more examples than I've found. I think he should be a role model as legal action doesn't seem to stop his behavior. pic.twitter.com/PD9bn5sanQ

— ZachXBT (@zachxbt) April 19, 2023

It was also found that during previous cryptocurrency bull runs, Soulja Boy charged up to $12,000 for Instagram promotions and up to $10,000 for Twitter ads. Based on this calculation, he could have earned about $730,000 through multiple promotions and NFT collections.

Can’t wait? Get our news the fastest way possible. Join us on W3W Web3 CRM and follow us on https://w3w.ai/

Dogecoin has made a strong comeback, rising from a low of $0.071 on November 9 to $0.093 on November 10, gaining more than 25% in 24 hours. Despite this, the Dogecoin price prediction remains bearish, under $0.093, a resistance level that is being extended by a downward trendline. Crypto Whales Jumps In Amid this week's fluctuating cryptocurrency market, crypto whale investors have been buying and selling roughly $410 million worth of Dogecoin (DOGE).In just over an hour on Thursday, almost five billion DOGE were reportedly transferred in six consecutive transactions, as recorded by the blockchain-tracking platform Whale Alert. The ninth-largest cryptocurrency by market cap hit an all-time high of $0.1422 on October 31 but is currently trading at $0.0829, a drop of roughly 45%. When Internet tycoon and Dogecoin advocate Elon Musk successfully took over Twitter, the price of DOGE began to rise.Followers of DOGE believe he may use DOGE in some way with the social media behemoth. However, as the news of the crypto exchange FTX's bankruptcy spread, the value of DOGE and the entire crypto market plunged.DOGE Holders May Reap Reward Elon Musk, CEO of Tesla, who recently acquired Twitter and is making significant changes to its internal and customer policy, took to his company's official handle to proclaim that no matter how challenging 2023 may be, his businesses are prepared for it. A positive effect on Dogecoin could result from Twitter's planned integration of the cryptocurrency as a payment and tipping option. Recent Twitter user activity levels suggest DOGE and its holders may soon reap the rewards of their investment.Dogecoin Price & Tokenomics Dogecoin's current price is $0.0828, with a 24-hour trading volume of $1.4 billion. In the last 24 hours, Dogecoin has dropped over 6%. CoinMarketCap currently ranks #9, with a live market cap of $10.9 billion. The circulating supply is 132,670,764,300 DOGE coins.Dogecoin Price & Tokenomics - Source: CoinmarketcapTechnically, Dogecoin has completed a 38.2% Fibonacci retracement and is now trading above $0.0828. If the price falls below this level, more selling may be possible until the next support level of $0.0725 is reached.At the same time, a downward trendline is extending strong resistance at $0.093, and the candle closes below this level indicating the possibility of a selling trend continuation.Dogecoin Price Chart - Source: TradingviewIf DOGE manages to break above $0.093, it may proceed to the next resistance level of $0.099 or $0.1080.Despite positive developments, the news that Twitter is being sued is putting downward pressure on DOGE, and it may suffer further damage. As a result, it makes sense to include alternative currencies in your portfolio.Dogecoin Alternative Dash 2 Trade The Dash 2 Trade presale raised more than $5.9 million, and the project team has confirmed that the D2T token will be listed on LBank exchange.These accomplishments came just less than a month after the start of its public token sale, indicating strong investor interest in its trading intelligence platform.Visit Dash 2 Trade nowCalvaria (RIA)Calvaria is a new cryptocurrency gaming project with the potential to dominate the play-to-earn market. Calvaria developers have identified two major barriers to widespread Web3 gaming adoption. While investors see Web3 games' potential, users do not. Calvaria's presale is gaining traction, with the project already in stage 4 of 10 and close to $1.6 million in funding. As the price of the native RIA token rises significantly at each presale stage, investors are flocking to the rapidly growing GameFi project. In stage 4, tokens cost $0.025 each, but by stage 5, the price had risen to $0.03, and tokens cost $0.055 in stage 10.Visit Calvaria Presale NowRobotEra (TARO)TARO is another project that has the potential to change the gaming community and the virtual world. The asset's presale has only recently begun, but there is already considerable interest from prospective buyers.

 RobotEra is a blockchain-based metaverse where users can create avatars and explore a digital world, and the platform's native token is TARO. In RobotEra, players can purchase land, build on it, and expand their regions with various infrastructures. The goal is to create a metaverse in which everyone is comfortable with their personal property holdings. Furthermore, RobotEra has a shared metaverse where users can engage in a variety of activities such as sports, concerts, and other competitive events. The first stage of TARO's presale is now live, and it is quickly selling out.Visit RobotEra (TARO) Presale Now Read More

🚨📣📢🛑⚠️➡️ #ElonMusk BEING SUED FOR ALLEGEDLY #Dogecoin SCHEME #TheMoreYouKnow

Elon Musk sued by investor for $367 billion over 'Dogecoin Crypto Pyramid Scheme' - ABC News  ~ https://www.abc.net.au/news/2022-06-17/elon-musk-sued-for-367-billion-over-dogecoin-support/101162898

Keith Johnson, who says he lost money after investing in dogecoin, described himself as an "American citizen who was defrauded" by what he called a "Dogecoin Crypto Pyramid Scheme." ...

SHIB & DOGE Price Prediction

#SHIB & #DOGE Price Prediction

DOGE is trading at about 0.054, down from its May 2021 peak of about 74 cents.Dogecoin price chart analysis is bearish today. DOGE News Elon Musk was sued for $258 billion on Thursday by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency. Plaintiff Keith Johnson in his complaint filed in the Federal Court in Manhattan accused Musk and his companies…

View On WordPress

Elon Musk, Tesla, SpaceX sued in Dogecoin scheme

New Post has been published on https://www.timesofocean.com/elon-musk-tesla-spacex-sued-for-258b-in-dogecoin-scheme/

Elon Musk, Tesla, SpaceX sued in Dogecoin scheme

New York (The Times Groupe)- The business magnate and investor Elon Musk, his electric car company Tesla, and space company SpaceX are being sued for $258 billion by a cryptocurrency investor who says Musk ran a Ponzi scheme to boost Dogecoin’s price.

Plaintiff Keith Johnson accuses Musk of “racketeering” for promoting Dogecoin, once an unknown cryptocurrency, and accuses him of causing its price to swell exponentially before allowing it to plummet, causing investors billions of dollars in losses.

Using his position as World’s Richest Man, Musk operated and manipulated the Dogecoin Pyramid Scheme for profit, exposure, and amusement, according to a lawsuit filed on Thursday in federal court in Manhattan. “Defendants knew since 2019 that Dogecoin had no value, yet promoted Dogecoin to profit from its trading.

“Defendants claim Dogecoin is a legitimate investment when it has no value at all. Since Defendant Musk and his corporations SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting, and operating Dogecoin in 2019, Plaintiff and the class have lost approximately $86 billion,” the suit stated.

On May 8, 2021, around the time Musk hosted the popular NBC show Saturday Night Live, Dogecoin’s price plummeted.

He claims Dogecoin investors have lost $86 billion as a result of Dogecoin’s price decline since that day – an amount he believes has been lost since Musk first began promoting it.

He also asks the court to stop Musk and his firms from promoting Dogecoin, and to declare Dogecoin trading as gambling under federal and New York state laws.

By promoting Dogecoin on his personal Twitter account in December 2020 using many “dog-themed memes,” Musk paved the way for its price to skyrocket by 4,000% to $0.74 in May that year, making it a top-10 cryptocurrency.

In the lawsuit, Musk’s memes and tweets, in which he refers to himself as the “Dogfather”, are used to prove that he controls the cryptocurrency price.

Due to the recent price collapse for Bitcoin and other cryptos, Dogecoin’s price plummeted to $0.05 this week – a 93% decline from its record high price.

Musk also announced earlier this year that Tesla would accept Dogecoin as a form of payment when purchasing the company’s products.

Many consider Dogecoin to be the first “meme coin” since it features a Shiba Inu dog as its logo.

In 2013 two software engineers created it as a joke to make fun of Bitcoin and the widespread speculation surrounding cryptocurrencies at the time.

Reuters: Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme

Reuters: Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme.

Elon Musk is an avid supporter of the cryptocurrency Dogecoin. He has promoted the meme-coin a couple of times, inflicting the coin to rise in cost. The tech billionaire also could be a self-proclaimed ‘Doge father’. On the other hand, on Thursday, a Dogecoin investor sued Musk for $258 billion accusing him of operating a pyramid plan to augment the cryptocurrency. Keith Johnson accused Musk, the CEO of electrical car company Tesla Inc and characteristic tourism company SpaceX of racketeering for touting Dogecoin and riding up its worth, correct to govern the price of the coin. We fetch a comprise a look on the yelp at hand and your total times Musk promoted the meme-coin and triggered a trip in the price of the coin. Dogecoin began as satire  Dogecoin used to be created in 2013 by machine engineers Billy Markus and Jackson Palmer as a sooner but “relaxing” change to Bitcoin. It used to be began as a satire on the a sizable change of fraud crypto coins that had sprung up on the time and takes its title and logo from a Shiba Inu meme that used to be viral various years previously. No longer like Bitcoins, whose maximum that that you can presumably be ready to have faith in number is mounted at 21 million (a pick that is estimated to be reached by 2040), Dogecoin numbers make now not comprise an upper limit, and there are already more than 100 billion in existence. Musk’s Dogecoin delight in-affair All of it began in April 2021, when Musk  in a cryptic tweet acknowledged, “Doge barking on the moon.” The associated price of Dogecoin soared to $0.45 (approximately Rs 34). After a couple of days, he teased his followers about the change of Dogecoin that contains in his ‘Saturday Evening Reside’ net hosting debut. The associated price of Dogecoin surged by as necessary as 20 per cent after Musk called himself the “Dogefather” in the tweet. He even  changed his Twitter bio to “Extinct CEO of Dogecoin.” ‘Can invent Defi accessible’ Musk endorsed Dogecoin over Ethereum asserting that DOGE might perhaps presumably be peculiar to invent Decentralised Finance (DeFi) more accessible to all individuals. DeFi system is a blockchain-based invent of finance that does now not depend upon financial intermediaries equivalent to brokerages, exchanges, or any banks to give services. Such platforms enable users to defend custody of their Ethereum-based crypto sources. Musk used to be responding to a CoinDesk narrative on Twitter, about how Ethereum-based DeFi protocols are changing into inaccessible to tiny patrons as a consequence of high transaction bills. Musk tweeted a one-observe answer below this narrative, “Dooooge”, referring to his current cryptocurrency, the Dogecoin. This over again boomed the price of the crypto asset. Tesla to accept Dogecoin Musk presented in January that Tesla will accept meme-based cryptocurrency Dogecoin as price for its merchandise equivalent to the “Giga Texas” belt buckle and mini models of electrical vehicles. The cross despatched Dogecoin prices 14 per cent greater. Tesla’s merchandise involves the as of late launched “Cyberwhistle” and “Cyberquad for Younger of us”, which might perhaps presumably perchance be winning with its followers, and in most cases promote out internal about a hours of checklist. “Some comprise properly-known that items for doge are promoting out even sooner than for greenbacks. ‘Better than Bitcoin ‘ Billionaire and Tesla CEO Musk have faith in that Dogecoin is more fit for transactions as compared to Bitcoin. In an interview with Time magazine, the Tesla and SpaceX chief acknowledged in the case of transactions per day, Dogecoin is a formulation better crypto coin. “The transaction cost of Bitcoin is low and the price per transaction is high. No longer less than at a characteristic stage, it is some distance sweet as a store of cost. However fundamentally, Bitcoin is now not a upright change for transactional currency,” adding that even supposing Dogecoin used to be created as a foolish shaggy dog narrative, it is some distance more fit qualified for transactions. “The total transaction trip that you make with Dogecoin is transactions per day has a necessary greater capability than Bitcoin.” Elon Musk nudges McDonald’s Dogecoin witnessed a spike in cost after Musk acknowledged that he'll luxuriate in McDonald’s Overjoyed Meal on television correct if the American snappy-meals chain accepts meme-based cryptocurrency. Overjoyed Meal is a child’s meal equipped by McDonald’s in a crimson cardboard field with a yellow smiley face. The meal comes with a toy. Responding to Musk’s tweet, McDonald’s answered by asserting that they'd but “correct if Tesla accepts Grimacecoin.” Dogecoin as price at Supercharging situation The tech billionaire presented on Twitter that its supercharging situation at Santa Monica will at this time accept cryptocurrency Dogecoin as a mode of price. Following the announcement, Dogecoin’s worth witnessed upward trip. In a tweet, Ryan Zohoury, founder of Tesla Console, acknowledged that correct ten minutes after the recent Santa Monica Superchargers had been opened they had been already fat. Responding to this, Musk acknowledged that he has planned a futuristic diner or drive-in theatre on the Supercharging situation, “and finally, that you can presumably be ready to pay in Ðoge.” Twitter ought to accept Doge Musk after its Twitter acquisition shared suggestions for a formulation Twitter ought to cost for its subscription membership, asserting the price “ought to be proportionate to affordability and in local currency,” and adding: “Per chance even an choice to pay in Doge?” referring to the Dogecoin cryptocurrency.

Elon Musk sued for $258 billion days after Johnny Depp won defamation lawsuit against Amber Heard

Elon Musk sued for $258 billion days after Johnny Depp won defamation lawsuit against Amber Heard

Elon Musk sued for $258 billion days after Johnny Depp won defamation lawsuit against Amber Heard Billionaire Elon Musk has been sued for $258 billion over dogecoin support days after Hollywood actor Johnny Depp won defamation trial against Amber Heard. An investor in dogecoin, originally created as a joke but whose value increased and fell as it was promoted by Elon Musk, filed a $258 billion…

View On WordPress