Elon Musk Faces a ‘ridiculous’ $258 Billion Dogecoin Lawsuit | by ETELL | The Capital | Jun, 2022

Billionaire Elon Musk, along with his companies SpaceX and Tesla Inc, are all being sued for an astonishing$ 258 billion in damages for being “ engaged in a crypto total scheme ” involving Dogecoin( DOGE).

The damages sought are further than 34 times Dogecoin’s current request cap of$7.5 billion and nearly three times its all-time high( ATH) request cap of$88.68 billion in mid- 2021.

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Filed in the New York District Court by an attorney at Evan Spencer Law on Thursday, the class-action action alleges that Musk “used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Aggregate Scheme for profit, exposure, and recreation. ”

In the form, plaintiff Keith Johnson, a United States citizen, alleges that Musk and his pots were “unjustly fortified” by$ 86 billion as a result of line fraud, gambling enterprise, false advertising, deceptive practices, and other unlawful conduct.

Johnson claims that he and others in the class-action have lost roughly $86 billion between May 2021 and June 2022, and is demanding that figure in fiscal damages along with another$ 172 billion in damages and freights.

“Defendant Musk is the tone-appointed ‘Dogefather,’ ‘ former CEO of Dogecoin,’ mate, innovator, prophet, publicist, salesman, marketer, and promoter of Dogecoin, who assembled the ‘ Doge Army ’ including his pots and various billionaires, influencers, and celebrities to increase the price, request cap and trading volume of Dogecoin.”

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In January, Musk announced that his electric vehicle company Telsa would accept DOGE as payment for the company’s wares. In May, he announced that Dogecoin payments would also be accepted by his space exploration company SpaceX.

The action also demands an order declaring the trading of Dogecoin to be constituted as gambling within New York and civil law and also alleges that Musk and his companies have violated state and civil gambling laws.

“Since Plaintiff and the class were not advised that the trading of Dogecoin was nothing further than a gambling enterprise, Plaintiff and the class demand the return of all bets lost trading Dogecoin.”

It also seeks to order Musk and his companies and any other unlicensed professionals from advertising, marketing, or promoting Dogecoin in the future.

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