Elon Musk Aims to Resolve an Unidentified Dogecoin Scam Case Worth $258 Billion

Elon Musk has filed a petition with a Manhattan federal court seeking dismissal of a lawsuit which accuses him of supporting the alleged pyramid scheme, Dogecoin cryptocurrency. The billionaire’s lawyers argue that the lawsuit did not specify how Musk intended to deceive or the risks he concealed to promote the cryptocurrency, and therefore the case should be dismissed. In the lawsuit, investors claim Musk’s tweets raised the value of Dogecoin by over 36,000% in two years, causing a significant drop in its price and lining Musk’s pockets at the expense of other investors. The plaintiffs argue that, despite its high market capitalization of around $10bn, the cryptocurrency is still too new and flawed to be a safe investment, and that Musk’s tweets had misled them into investing in it.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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