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

The crypto crash and the bankruptcy of certain players in the sector is likely to provoke a wave of legal action by bankrupt investors. First to open hostilities, American Keith Johnson attacks Elon Musk. He believes that the Tesla capo has manipulated the price of the dogecoin cryptocurrency and demands from him and his companies, Tesla and SpaceX, the modest sum of 258,000 million dollars, more than the fortune of Elon Musk (215,000 million). At 5 cents, after being worth 74 more than a year ago, doecoin It doesn’t make anyone laugh anymore. It has lost more than 90% of its value since Elon Musk bragged about being ” the doge’s godfather in early May 2021. Some accuse him of being rather the Madoff of dogecoin.

According to the complaint, Elon Musk misleadingly implied that this cryptocurrency “was a legitimate investment.” Actually, it would come close to a ” ponzi scheme ”, popularized by bernard madoff . In this scam, it is always necessary to attract more new investors to avoid a collapse of the course.

At its peak, dogecoin’s capitalization reached $88 billion. Despite its decline, it remains the 10th largest cryptocurrency in the world ($7 billion). Elon Musk is worth this request for phenomenal damages, the “New York Post” revealed.

On twitter , the billionaire has expressed his enthusiasm for dogecoin many times in 2021 with more or less mysterious formulas. Of the 47 tweets posted about cryptocurrencies 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 is the end of the world as we know it”. Elon Musk answered “true”, a change response that won’t stop exploiting the plaintiff’s attorneys. They want to implement a collective action by bringing together all those who have lost money speculating with dogecoin since April 2019. They could be very numerous given the popularity of dogecoin, especially on social networks. Their logo is a shiba inu dog named ” Kabosu » who will celebrate his 17me anniversary this year in Japan.


dogecoin and shiba inu they are two spoof cryptocurrencies with no direct ties, with meteoric trips before their 2022 crash, ending in respective drops of 66% and 76%. Launched in 2013, dogecoin was stagnant for a long time before taking off last year. Starting in the summer of 2020, she was promoted by TikTok influencers.

Elon Musk wasn’t the only celebrity to sing the praises. rap it Snoop Dogg was very excited about dogecoin and is still a fan of CryptoPunks NFTs (non-fungible tokens). In the same vein, a lawsuit was filed earlier this year against Kim Kardashian, accused of having recklessly promoted an obscure crypto, EthereumMax (EMAX), which then crashed, bankrupting many people.

Swept up in the global cryptocurrency crash, dogecoin lost two-thirds of its value in 2022.

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