The $258 Billion Dogecoin Scam is Being Targeted by Elon Musk for Shutdown.

Elon Musk’s lawyers have filed a request to dismiss a $258bn lawsuit accusing the entrepreneur of promoting Dogecoin, which the suit deemed a pyramid scheme. The lawsuit said that Musk intentionally increased Dogecoin’s value by over 36,000% in two years before contributing to its sudden depreciation. Attorneys for Musk filed a counterstatement, claiming that the plaintiffs never clarified how the billionaire intended to fool people or what risks he deliberately withheld from Dogecoin. The attorneys added that Musk’s tweets concerning cryptocurrencies were too ambiguous for the lawsuit to qualify as fraudulent. The lawyers also justified that it was not illegal to tweet sentiments of support or amusing photographs related to a cryptocurrency with a valuation of close to $10bn. Investors have filed a class-action lawsuit, and in their opinion, Elon Musk’s firms have earned billions of dollars in profits from other investors’ losses.

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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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