New plaintiffs accuse Elon Musk of creating a crypto pyramid with Dogecoin

In the US, to a lawsuit against Elon Musk, accusing him of creating a crypto pyramid, joined new members. Recall that in June the American Keith Johnson filed a lawsuit against Elon Musk and his companies SpaceX and Tesla, accusing them of having created a “crypto pyramid” – a kind of structure whose task is to artificially inflate the value of the Dogecoin cryptocurrency. The plaintiff declared his readiness to represent the interests of other people who, like him, lost money on this pyramid scheme, and demanded compensation for the damage of $ 258 billion, which he suffered on the purchase and sale of this cryptocurrency since 2019.

Now, seven new investors have joined the lawsuit, adding six new defendants to the lawsuit, including another Elon Musk company, Boring Co, which builds transport tunnels. A new lawsuit filed in Manhattan District Court alleges that Elon Musk, SpaceX, Tesla, Boring Co. and other defendants deliberately inflated Dogecoin quotes by 36,000%, but two years later this cryptocurrency collapsed in price. By these actions, according to the lawsuit, the defendants “enriched tens of billions of dollars” at the expense of those who invested in Dogecoin. At the same time, the plaintiffs believe that the defendants were well aware of the low real value of this currency and that its rate depends “only on marketing.”

Evgeniy Khvostik