Dogecoin investor Keith Johnson said in a lawsuit filed in Manhattan federal court that Musk blackmailed into raising the price of Dogecoin, leaving it to fall significantly below all-time highs. The complaint was seen by Reuters. “The defendants knew from 2019 that Dogecoin had no value yet it promoted Dogecoin to benefit from its transactions,” the complaint said. Musk backed many cryptocurrencies last year, including Dogecoin and Bitcoin. Tesla began accepting both cryptocurrencies for specific product markets, but backed off payments with Bitcoin as the auto industry recognized potential climate challenges posed by coin mining. However, Johnson claims that Musk manipulated Dogecoin into his own pockets by promoting cryptography in the complaint. “Musk used his podium as the richest man in the world to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and fun.” Johnson wants Musk to pay $ 86 billion in compensation for losses in the value of Dogecoin from May 2021, but he wants the amount to triple. A judge will have to decide if this is realistic. He is also pursuing a possible provision that would restrict Musk or any of his companies from promoting Dogecoin. In addition, Johnson would like a judge to state that Dogecoin trading is gambling under federal law and New York law. Dogecoin jumped to record levels last May, reaching levels of up to $ 0.74 after being valued at a fraction of a penny just months ago. However, the biggest rise came shortly before Musk appeared on Saturday Night Live. When Musk appeared on the show, Dogecoin investors began selling the encryption, causing the value to plummet. The complaint alleges that Musk’s fictional character in the SNL called Dogecoin “a mess”, which persuaded investors to sell the stock and cost him $ 86 billion. Johnson v Musk et al, U.S. District Court, New York Southern District, No. 22-05037. I would love to hear your news! If you have any comments, concerns or questions, please email me at [email protected] You can also contact me on Twitter @KlenderJoey or if you have tips for news, you can email us at [email protected] Elon Musk sues for $ 258 billion in bizarre Dogecoin lawsuit
