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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