Dogecoin There have been new participants in the $258 billion fraud case accusing Elon Musk of establishing a pyramid scheme for supporting him.
New Complaint Petition Against Elon Musk in Dogecoin Case
Seven new investor plaintiffs and six new defendants, including construction company Boring Co, have been added to the lawsuit.
In a complaint filed with Manhattan federal court on Tuesday, Musk, electric car company Tesla Inc, space tourism company SpaceX, Boring and others deliberately increased the price of Dogecoin by more than 36,000% in two years and then allowed it to crash.
According to the complaint, the defendants “made tens of billions of dollars in profit” by hurting Dogecoin investors, knowing that the altcoin had no real value and that its value “depends only on marketing”.
Tesla, SpaceX, and Boring did not respond to requests for explanation. Tesla disbanded its media relations department in 2020.
The Dogecoin lawsuit was first filed in June and was postponed to a later date.
In the new complaint filed with the court, it was stated that Musk, the richest person in the world, tweeted that he will “continue to support Dogecoin”.
It was also stated in an interview that “people working around SpaceX and Tesla factories” stated that he asked for support on Dogecoin.
Among the new defendants is the Dogecoin Foundation, which identifies itself as a non-profit organization that supports Dogecoin.
This $258 billion loss equates to three times the drop in Dogecoin’s market value since May 2021.
Dogecoin is trading at around $0.06 today, up from around $0.74 in May 2021.
*Not investment advice.
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