Elon Musk And His Company Were Sued For Fraud The Dogecoin Scheme

JAKAFRTA - A USD 258 billion extortion lawsuit against Elon Musk that runs a pyramid scheme to support the Dogecoin cryptocurrency has grown. In fact, this time it has increased, seven new investor plaintiffs and six new defendants include the Boring Co tunnel construction business.

According to amended complaints filed late Tuesday, September 6 in Manhattan federal court, Musk, CEO of Tesla Inc, SpaceX, Boring, and others intentionally raised the price of Dogecoin by more than 36,000% over two years and then left it destroyed.

By doing so, the defendants are said to have earned tens of billions of dollars from other Dogecoin investor funds. Meanwhile, they have only known so far that the currency has no intrinsic value. "The value only depends on marketing," the lawsuit said, as quoted by Reuters.

Tesla, SpaceX, and Boring did not immediately respond to requests for comment on Wednesday, September 7. Tesla dissolved its media relationship department in 2020.

The original lawsuit has been filed since June.

Shortly thereafter, Musk, the world's richest man, tweeted that he would "continue to support Dogecoin," and in an interview said "people working around the factory in SpaceX or Tesla" requested that support.

Other new defendants include the Dogecoin Foundation, which calls itself a non-profit that provides governance and support for Dogecoin. They also could not immediately be reached for comment.

The loss of 258 billion US dollars is three times the estimated decline in Dogecoin's market value since May 2021.

That's when Musk, played a fictitious financial expert in the "Finish End of Week Update" segment of NBC's "Saturday Night Live", calling Dogecoin a "live".

Dogecoin traded about 6 cents on Wednesday, down from about 74 cents in May 2021. It's a huge drop.