Cryptocurrency News: Elon Musk has been sued by a man over cryptocurrency. The investor has sought Rs 20,136 billion from Musk and his company in the matter. This money is demanded because of the loss in his cryptocurrency. Let us know what is the whole matter.
The cryptocurrency market is currently facing a different storm. Crypto enthusiasts are well aware of Dogecoin. What started as a joke has risen and fallen in value rapidly. Especially after the promotion of Tesla CEO Elon Musk, its value had increased.
A Dogecoin investor has sued Musk and his companies for $258 billion (about Rs 20,136 billion). A man named Keith Johnson filed a case against Musk with Tesla and SpaceX on Thursday.
The person says that he has lost money after investing in Dogecoin. Keith Johnson describes himself as a ‘US citizen who was defrauded’. They believe that they have been defrauded of the ‘Dogecoin Crypto Pyramid Scheme’ in the name of investing in cryptocurrencies.
Disadvantages of investing in crypto
In fact, the investor has termed his investment in the Dogecoin cryptocurrency and the sinking of that money as fraud. In this case, he has filed a case against Musk in New York Court.
According to Johnson, he has been investing in Dogecoin since 2019 and has made losses. According to the investor, he has lost $ 86 billion since promoting Musk.
He wants this money back from Musk. Not only that, Johnson is separately seeking double the amount of his damages, which is an additional $172 billion. That is, a total of $258 billion.
Dogecoin price is falling
Dogecoin was launched in 2013. The creators have created this by combining the bitcoin cryptocurrency and the Shiba Inu dog meme. The price of the currency increased significantly in the year 2021. However, at the moment the price of this cryptocurrency has reached 6 cents.
Johnson says that Musk has increased the price, market cap, and trading value of the Dogecoin cryptocurrency through his promotion. The investor kept Musk’s tweet in his complaint. Musk made these tweets about Dogecoin. The investor described Dogecoin as a pyramid scheme.
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