Elon Musk Sued Over Alleged Dogecoin Pyramid Scheme, They Want Him To Pay 258 Billion

Elon Musk continues with his problems in court, and now the demand is really impressive, 258 billion.

It is a lawsuit from a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency, a single person who has decided to put that value in the lawsuit, which does not mean, far from it, that a judge will accept it in case to win it.

The complaint has been filed in a federal court in Manhattan, where he accuses Musk of racketeering for promoting Dogecoin and raising its price, only to then let the price drop.

The complaint indicates that Musk knew since 2019 that Dogecoin had no value, but still promoted it, as if it were a pyramid scheme, all for profit and fun, while others lost money by believing him.

Although neither Musk nor his lawyers have commented on the matter, evidence will have to be shown to show the real value of Dogecoin and the absence of a pyramid scheme.

The plaintiff seeks $86 billion in damages, a number based on the decline in Dogecoin’s market value since May 2021, but also seeks Dogecoin to stop promoting Dogecoin and pay twice as much in additional damages, $172 billion.

Although he is not without reason in stating that the Dogecoin issue has gotten out of control, it is also true that we are talking about a way of investing with very high risk, and all cryptocurrency investors know it, the issue has never been hidden, so that the case will surely end up being shelved, after making the necessary media noise to prevent problems in this regard from continuing to flourish.