Elon Musk gets heavily promoted for Dogecoin, $258 billion lawsuit filed

Elon Musk, chairman of electric car maker Tesla, has been charged with a $258 billion legal case for promoting a pyramid scheme for Dogecoin. The matter is being investigated. Musk’s Tunnel Construction Company has also been named as an accused in the case.

Complainant Keith Johnson filed a lawsuit in June in a Manhattan court in the US. Reuters reports that it is investigating whether Musk’s backing of the meme coin caused financial loss to its investors. The price of Dogecoin is $0.060. The actual complaint against Musk has also been changed as the number of litigants in this case increases. It now accuses Musk and some of his companies of being responsible for raising the price of Dogecoin by more than 36,000 times over the past two years and then bringing it down.

There has been no response from Musk in this regard. Johnson, the first complainant in this case, has demanded a heavy compensation as well as a ban on Musk and his firms from promoting this mime coin. Billy Markus, one of the founders of Dogecoin, recently blocked another of its co-founder Jackson Palmer on Twitter. Palmer’s anti-crypto attitude could be a big reason behind this. Some Twitter users have complained that Markus made the wrong decision to block programmers from Australia.

Markus and Palmer started Dogecoin about nine years ago as a mockery of Bitcoin. Markus is considered a supporter of Musk’s, while Palmer has criticized Musk several times. Palmer says that Musk uses crypto to get his praises. There has also been a public debate between these two regarding this. Cryptocurrencies have also been opposed by Markus. He recently said that almost all cryptocurrencies will fall to zero.

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