Accused of being the Madoff of dogecoin, Elon Musk is being asked for 258 billion dollars

The collapse of cryptos and the bankruptcy of some players in the sector are likely to lead to a wave of legal actions from ruined investors. First to open hostilities, the American Keith Johnson attacks Elon Musk. He believes that the boss of Tesla has manipulated the price of the dogecoin crypto and is demanding from him and his companies, Tesla and SpaceX, the modest sum of 258 billion dollars, more than the fortune of Elon Musk (215 billion ). At 5 cents, after being worth 74 more than a year ago, dogecoin no longer makes anyone laugh. It has lost more than 90% of its value since Elon Musk boasted of being “the godfather of the doge” in early May 2021. Some accuse him of being more like the Madoff of dogecoin.

According to the complaint, Elon Musk misleadingly implied that this crypto “was a legitimate investment”. In reality, it would be close to a “Ponzi scheme”, popularized by Bernard Madoff. In this scam, it is necessary to always attract more new investors to avoid a collapse of the course.

At its peak, the capitalization of dogecoin reached $88 billion. Despite its plunge, it is still the world’s tenth largest crypto ($7 billion). It is worth to Elon Musk this request for phenomenal damages, revealed the “New York Post”.

On Twitter, the billionaire has expressed his enthusiasm for dogecoin many times in 2021 with more or less mysterious formulas. Of 47 tweets posted about cryptos between April 2019 and July 2021, two-thirds were about dogecoin, 30% about bitcoin and just 1.5% about ether. His posts on dogecoin were almost all positive unlike those on bitcoin.

Billy Markus, the creator of dogecoin, had recently declared that “it’s the end of the world as we know it”. Elon Musk had answered “true”, an answer in the form of a turnaround that the plaintiff’s lawyers will not fail to exploit. They want to implement a collective action by bringing together all those who have lost money speculating on dogecoin since April 2019. They could be very numerous in view of the popularity of dogecoin, especially on social networks. Its logo is a shiba inu dog called ” Kabosu » which will celebrate its 17e anniversary this year in Japan.

Crypto-reality

The dogecoin and the shiba inu are two parodic cryptos with no direct links, with meteoric journeys before their crash of 2022, which ended in respective plunges of 66% and 76%. Launched in 2013, dogecoin stagnated for a long time before taking off last year. From summer 2020, it was promoted by TikTok influencers.

Elon Musk wasn’t the only celebrity to sing the praises. Rapper Snoop Dogg has been very enthusiastic about dogecoin and remains a fan of NFTs (non-fungible tokens) from CryptoPunks. In the same style, a lawsuit was filed earlier this year against Kim Kardashian, accused of having recklessly promoted an obscure crypto – EthereumMax (EMAX) – which then collapsed, ruining many individuals.

Carried away by the global crypto crash, dogecoin lost two-thirds of its value in 2022.

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Accused of being the Madoff of dogecoin, Elon Musk is being asked for 258 billion dollars


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