Editors News- An American DOGE investor has demanded $258 billion from Musk.
- Dogecoin trading requested to be added to gambling under NY Law.
A Dogecoin investor has filed a case against Elon Musk along with Tesla and SpaceX. The key factor for the charge is considered to be the loss cost to the investor. And he blames Elon for promoting something which is not a stable asset.
The case is being filed in the federal court of Manhattan by Keith Johnson. The proceeding will be held in the U.S District Court, Southern District of New York. Johnson strives to triple the loss the DOGE made from April 2019, which is estimated to be $86 billion & $172 billion, a total of $258 billion.
In the complaint, it is been stated that:
“Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement”
Elon Musk and Dogecoin
The Tesla man has always expressed his support for the memecoin that was started to mock the original cryptocurrencies. Till now the support has been extended, as well as always tries to advertise the coin whenever possible.
The crowd following increase for the DOGE is majorly boosted by Musk and the tweets he makes. And people do invest in memecoins only by the popularity it has. But the flaws in those coins come to light only after a certain point.
Dogecoin’s considered drawbacks are lack of restriction in the supply volume and no concrete backup. The claimant now requests to ban Elon and Tesla from further promoting DOGE. As well as, consider DOGE trading to be gambling under NY Law.
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Source: https://thenewscrypto.com/elon-musk-dragged-to-court-for-doge/