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They sue Musk and his companies Tesla and SpaceX for 258,000 million dollars for an alleged pyramid scheme with dogecoin

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That cryptocurrency “is simply a fraud whereby the ‘big fools’ are tricked into buying it at a higher price,” the lawsuit states.

Tycoon Elon Musk and his companies Tesla and SpaceX were sued Thursday for $258 billion by an investor who accuses them of running a pyramid scheme to back the cryptocurrency dogecoin.

In a lawsuit filed in federal court in Manhattan, and cited by Reuters, Keith Johnson held the businessman and his fraud companies responsible for allegedly promoting the meme cryptocurrency and artificially increasing its value, only to then let the price drop.

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“The defendants knew since 2019 that dogecoin had no value, and yet they promoted it to obtain profits from their trade,” the court allegation states. “Musk used his pedestal as the richest man in the world to operate and manipulate the dogecoin pyramid scheme for profit, exposure and fun,” it states there.

“Dogecóin is not a currency, stock or security. It is not backed by gold, other precious metals or anything at all. You cannot eat, grow or use it. It is not protected by a government or private entity”, keep going the demand. “It is simply a fraud whereby the ‘big fools’ are tricked into buying the currency at a higher price,” he concludes.

Investor claims 86 billion dollars in damages, which is equivalent to the decrease in the market value of the cryptocurrency since May 2021, and in addition asks for 172 billion dollars for the losses suffered in the trade with dogecoins since 2019.

In addition, it seeks to prevent Musk and his companies from promoting cryptocurrency and for a judge to determine that their trading is considered gambling, according to US federal and New York state law.

The digital currency is quotes currently at $0.056. Its highest value of $0.74 was reached on May 7, 2021.

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