Elon Musk’s $258 Billion Dogecoin Lawsuit Grows As New Defendants Join DOGE Investors – Featured Bitcoin News

The $258 billion lawsuit against Elon Musk, Tesla, and SpaceX over their DogeCoin promotion has expanded with new defendants and DOGE investors have been added. Mimi Cryptocoin claims Dogecoin is a Ponzi scheme, emphasizing that Mook and his companies “falsely and misrepresent Dogecoin as a legitimate investment when it has no value.”

New defendants and plaintiffs have been added against Elon Musk on Dogecoin

An amended complaint to the $258 billion lawsuit against Elon Musk, Tesla and SpaceX was filed Tuesday in Manhattan federal court.

Seven new investor plaintiffs and six new defendants have been added to the lawsuit, including Musk’s tunneling business The Boring Company and the Dogecoin Foundation.

Musk, Tesla, SpaceX, The Boring Company, and other defendants were accused of intentionally driving up the price of Dogecoin (DOGE) by more than 36,000% two years before the meme cryptocurrency.

The complaint alleges that the defendants “profited tens of billions of dollars” at the expense of other Dogecoin investors, stating that they knew the meme crypto had no intrinsic value and that its value “depended solely on the market.”

The lawsuit was originally filed in June, alleging that Musk and his companies “engaged in the Dogecoin cryptocurrency pyramid (Ponzi scheme).” “The defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no real value,” the plaintiffs said.

Following news of the original lawsuit, Musk confirmed that he would continue to buy and support dogecoin. Tesla’s CEO, known as the Dogefather by meme cryptocurrency fans, promotes Dogecoin on Twitter. “Meme crypto has potential as a currency,” he says, calling it the crowd’s crypto.

In May, Musk said Spacex would soon accept DOGE for merchandise, and Starlink subscriptions could follow. Tesla already accepts meme coins for some merchandise. The boring company began accepting DOGE in July to pay for rides on the Loop transit system in Las Vegas.

After Tesla sold 75% of its bitcoin holdings in July, Mook confirmed that the electric car company had not sold any Dogecoin, citing the BTC sale as a result of the company’s overall liquidity risk due to the Covid-19 shutdown in China.

What do you think about this doge coin lawsuit against Elon Musk and his companies? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, discovered Bitcoin in 2011 and has been an evangelist ever since. His interests are in Bitcoin security, open source systems, network effects and the intersection between economics and cryptography.

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