Yugocean
Valued Contributor
On June 16, 2022 (Thursday), Dogecoin investor Keith Johnson filed a class-action lawsuit in federal court in Manhattan against Elon Musk and his enterprises, electric vehicle manufacturer Tesla and space tourism company SpaceX.
Johnson, who is attempting to speak for a group of cryptocurrency investors who have lost money since April 2019 after investing in Dogecoin, called the Dogecoin a Ponzi scheme and claimed it had no intrinsic value.
Johnson asserts that DOGE Trading constitutes gambling under U.S. and New York law and that Elon Musk and his companies promoted Dogecoin with "false and deceptive" promises.
Johnson is seeking $86 billion damages from Musk, SpaceX, and Tesla, totaling $258 billion, he is also asking the court to enjoin Musk and his companies from promoting Dogecoin.
People who have lost money due to the crash in the cryptocurrency market are seeking for a means to make up for it, but filing a lawsuit for this seems like it would be stupid given that every coin is pushed by thousands and that the market may rise in the future.
Johnson, who is attempting to speak for a group of cryptocurrency investors who have lost money since April 2019 after investing in Dogecoin, called the Dogecoin a Ponzi scheme and claimed it had no intrinsic value.
Johnson asserts that DOGE Trading constitutes gambling under U.S. and New York law and that Elon Musk and his companies promoted Dogecoin with "false and deceptive" promises.
Johnson is seeking $86 billion damages from Musk, SpaceX, and Tesla, totaling $258 billion, he is also asking the court to enjoin Musk and his companies from promoting Dogecoin.
People who have lost money due to the crash in the cryptocurrency market are seeking for a means to make up for it, but filing a lawsuit for this seems like it would be stupid given that every coin is pushed by thousands and that the market may rise in the future.
