Elon Musk demanded that the $258 billion “Dogecoin fraud” lawsuit filed by Dogecoin (DOGE) investors against him be dropped.
Owner of technology companies such as Tesla and Twitter, Elon Musk was one of the most popular crypto investors of a time. Musk came to the fore especially by introducing Dogecoin in every environment he was in. Recently, however, Musk has broken away from cryptocurrencies. The lawsuits filed against him are cited as the reason for this.
Dogecoin investors filed a $258 billion lawsuit against Elon Musk for committing a pyramid scheme to promote Dogecoin. Musk and his lawyers sent a request to the US judge to drop this case.
Elon Musk Requests Dogecoin Case Dropped
Elon Musk and his lawyers have asked a US judge to drop the $258 billion Dogecoin (DOGE) case.
Musk applied to a US judge to drop the lawsuit against him for “marketing Dogecoin with a pyramid scheme”. Crypto investors filed a $258 billion lawsuit against Musk, citing that they were making losses through DOGE. The lawsuit includes fraud allegations that Musk is marketing DOGE using the pyramid scheme.
Musk’s lawyers described this lawsuit filed by DOGE investors as a “fantasy fiction”. Lawyers argued that Musk’s sentences, which were the subject of the lawsuit, were insufficient to support the fraud claim. Musk’s lawyers stated that there is nothing illegal to tweet about DOGE, which has a market value of close to 10 billion dollars.
In addition, lawyers argue that “DOGE is a security,” which the crypto investors who filed the lawsuit put forward. He also denied the allegations. Dogecoin investors accused Musk of increasing DOGE by more than 36,000 percent in two years and then lowering it. In the accusations filed in the lawsuit, investors argued that Musk made billions of dollars with these DOGE shares and marketing techniques.
Musk’s lawyers started a legal fight to drop the lawsuit filed by Dogecoin investors and the accusations that came with it. Dogecoin victims also sued the Dogecoin Foundation. The Dogecoin Foundation requested that the lawsuit be dismissed.
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