Elon Musk is accused in a lawsuit of being part of the Dogecoin Pyramid scheme

Elon Musk there’s a lot on his plate these days because of juggling multiple companies and his impending multibillion-dollar takeover of Twitter – but he may want to make room for a little more because he’s just been hit by a big legal issue. Based on recent court documents, Elon Musk is facing a $ 258 billion lawsuit for alleged involvement in the Dogecoin cryptocurrency pyramid scheme.

@FortuneMag reports that Elon Musk, along with his companies Space X and Tesla, are is on trial for more than $ 250 billion in fraud claims. Keith Johnson claims that Musk was a knowledgeable participant in a racketeering scheme to support the cryptocurrency Dogecoin. Johnson, who was described in legal documents as “an American citizen who was defrauded with money from the Dogecoin Defenders Crypto Pyramids Scheme”, also claims that Musk and his companies were an illegal racketeering company to inflate the price of Dogecoin .

As detailed in the lawsuit, Johnson wants to represent all those who lost money by trading Dogecoin in April 2019. His lawsuit is limited to seeking $ 86 billion in damages, plus triple damages of $ 172 billion. Johnson also wants an order to block Elon Musk and his companies from promoting Dogecoin.

Finally, he wants the Dogecoin trade to be declared gambling under US and New York law. “Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value,” said Keith Johnson.

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