{"id":243818,"date":"2022-06-16T23:00:32","date_gmt":"2022-06-16T22:00:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=243818"},"modified":"2022-06-17T13:46:21","modified_gmt":"2022-06-17T12:46:21","slug":"elon-musk-spacex-and-tesla-are-facing-258-billion-lawsuit-for-promoting-dogecoin-pyramid-scheme","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/elon-musk-spacex-and-tesla-are-facing-258-billion-lawsuit-for-promoting-dogecoin-pyramid-scheme\/","title":{"rendered":"Elon Musk facing $258B lawsuit for promoting Dogecoin &#8216;pyramid scheme&#8217;"},"content":{"rendered":"<p><a class=\"editor-rtfLink\" href=\"https:\/\/cryptoslate.com\/people\/elon-musk\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Elon Musk<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0is facing a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.siliconvalley.com\/2022\/06\/16\/musk-tesla-spacex-are-sued-for-alleged-dogecoin-pyramid-scheme\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">colossal lawsuit<\/span><\/a><span data-preserver-spaces=\"true\"> that alleges that he, as well as his companies, Tesla and SpaceX, were &#8220;engaged in a crypto pyramid scheme by way of Dogecoin cryptocurrency.&#8221; <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The lawsuit seeks a $258 billion settlement over Musk's alleged involvement in the claimants being &#8220;defrauded out of money&#8221; by the Dogecoin (<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cryptoslate.com\/coins\/dogecoin\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">DOGE<\/span><\/a><span data-preserver-spaces=\"true\">) cryptocurrency.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The class-action lawsuit was brought forward by Keith Johnson, &#8220;an American citizen who was defrauded out of money by defendants' Dogecoin Crypto Pyramid Scheme,&#8221; who is claiming that Elon Musk and his companies are part of a racketeering operation that aims to raise the price of Dogecoin artificially.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Keith Johnson is seeking $86 billion in damages in addition to treble damages of $172 billion on behalf of a group of investors who allegedly lost money after trading Dogecoin starting in 2019. Additionally, Johnson is seeking an order that stops Musk and the companies he is associated with from promoting the dog-themed cryptocurrency. He also requests that Elon Musk and his companies declare that trading Dogecoin is considered gambling under the US and New York laws.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the lawsuit filed on Thursday, Musk and his companies &#8220;falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,&#8221; which is most likely a reference to the SpaceX founder's many tweets endorsing the meme-based cryptocurrency. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For example, Dogecoin's price <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cryptoslate.com\/dogecoin-pumps-8-following-elon-musks-tips-for-surviving-the-great-depression-2-0\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">grew by 8%<\/span><\/a><span data-preserver-spaces=\"true\"> in March this year after he gave tips on surviving tough economic times, advice that included him saying that he would hold onto his Bitcoin (<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">BTC<\/span><\/a><span data-preserver-spaces=\"true\">), Ethereum (<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ETH<\/span><\/a><span data-preserver-spaces=\"true\">), and Doge.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The lawsuit goes on to claim that Musk and his corporations (Tesla and SpaceX) &#8220;began purchasing, developing, promoting, supporting, and operating Dogecoin since 2019&#8221;, which in turn led to the plaintiff and the class losing &#8220;approximately $86 billion in this Crypto Pyramid Scheme.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Elon Musk has yet to comment on this lawsuit, but he does have a history of promoting Dogecoin via his companies and social media. Earlier this year, Elon Musk's electronic car company Tesla announced that they would be <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cryptoslate.com\/elon-musks-tesla-now-support-dogecoin-payment\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">accepting Dogecoin payments<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0for purchases. In April 2021,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cryptoslate.com\/dogecoin-surges-10-after-elon-musk-says-spacex-would-put-it-on-the-moon\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Dogecoin pumped by 10%<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0after Elon Musk tweeted about using SpaceX to put a literal Dogecoin on the moon.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk\u00a0is facing a\u00a0colossal lawsuit that alleges that he, as well as his companies, Tesla and SpaceX, were &#8220;engaged in a crypto pyramid scheme by way of Dogecoin cryptocurrency.&#8221; The lawsuit seeks a $258 billion settlement over Musk&#8217;s alleged involvement in the claimants being &#8220;defrauded out of money&#8221; by the Dogecoin (DOGE) cryptocurrency. The class-action [&hellip;]<\/p>\n","protected":false},"author":1316,"featured_media":243858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35372,60793,29],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elon Musk facing $258B lawsuit for promoting Dogecoin &#039;pyramid scheme&#039;<\/title>\n<meta name=\"description\" content=\"The lawsuit alleges that Elon Musk and his companies were involved in a &quot;crypto pyramid scheme&quot; with the popular cryptocurrency Dogecoin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/elon-musk-spacex-and-tesla-are-facing-258-billion-lawsuit-for-promoting-dogecoin-pyramid-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk facing $258B lawsuit for promoting Dogecoin &#039;pyramid scheme&#039;\" \/>\n<meta property=\"og:description\" content=\"The lawsuit alleges that Elon Musk and his companies were involved in a &quot;crypto pyramid scheme&quot; with the popular cryptocurrency Dogecoin.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/elon-musk-spacex-and-tesla-are-facing-258-billion-lawsuit-for-promoting-dogecoin-pyramid-scheme\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-16T22:00:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-17T12:46:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/elon-dogecoin-lawsuit.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anthony Clarke\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anthony Clarke\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/elon-musk-spacex-and-tesla-are-facing-258-billion-lawsuit-for-promoting-dogecoin-pyramid-scheme\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/elon-musk-spacex-and-tesla-are-facing-258-billion-lawsuit-for-promoting-dogecoin-pyramid-scheme\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/anthony-clarke\/#person\",\"name\":\"Anthony Clarke\",\"url\":\"https:\/\/cryptoslate.com\/author\/anthony-clarke\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/anthony-clarke\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/anthony-clarke\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/04\/anthony-clarke-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/04\/anthony-clarke-author-300x300.jpg\",\"caption\":\"Anthony Clarke\"},\"jobTitle\":\"Contributor\",\"description\":\"Anthony Clarke has been involved in the cryptocurrency space as an investor and content writer since 2017. 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Clarke","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/04\/anthony-clarke-author-150x150.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/04\/anthony-clarke-author-150x150.jpg","caption":"Anthony Clarke"},"description":"Anthony Clarke has been involved in the cryptocurrency space as an investor and content writer since 2017. Since getting involved in the crypto space, he has been fascinated by the many new applications, technologies and tools brought about by Blockchain Technology. Anthony has a strong interest in Cryptocurrencies, Blockchain Technology, NFTs and Play-to-Earn Gaming amongst other topics.","sameAs":["https:\/\/www.linkedin.com\/in\/anthony-clarke0\/"],"url":"https:\/\/cryptoslate.com\/author\/anthony-clarke\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/243818"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/1316"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=243818"}],"version-history":[{"count":8,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/243818\/revisions"}],"predecessor-version":[{"id":243933,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/243818\/revisions\/243933"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/243858"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=243818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=243818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=243818"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=243818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}