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HomeTechnologyCrypto investor sues Elon Musk for 258B Dollars over dogecoin pyramid scheme

Crypto investor sues Elon Musk for 258B Dollars over dogecoin pyramid scheme

Crypto investor Elon Musk for 258B Dollars over dogecoin pyramid scheme

Elon Musk has been sued now for 258 billion dollars. It has been done by a dodgy coin investor. who accused him of running a pyramid scheme to support cryptocurrency in a complaint filed in federal court in Manhattan plaintiff Keith johnson accused musk of an electric car company.

Sues Elon Musk for 258B DollarsTesla and space tourism company SpaceX, owner of racketeering for touting dodgy coins and driving up its price only to then let the price rise.

Tumble later the complaint also aggregates comments from warren Buffett bill gates and others who questioned the value of cryptocurrency.

Seeking 86 billion dollars in damages representing discipline and problems in dogecoin’s market value. Since May of last year and wants a triple he also wants to block musk and his companies from promoting this particular cryptocurrency.

And a judge declared that trading in this cryptocurrency is gambling under federal and new york law.

The complaint said that dodgy coin’s sell-off began around the time musk hosted Saturday night live and played a fictitious financial expert on a weekend update segment called dodgy coin

Hustle test line February of last year said it had bought 1.5 billion of this bitcoin. And for a short time accepted it as payment of vehicles dodgy coin then traded at about 5.8 cents. yesterday it’s down from its May 2021 peak of about 74 cents

 

Cryptocurrency Price

The price of a cryptocurrency is, of course, driven by supply and demand. The more people who want a currency, the higher its price. The more people who sell a currency, the lower its price. This was a case of both of these forces colliding to create a bit of a perfect storm. In 2017, interest in cryptocurrency was high and the supply of new currencies limit.

This meant that prices were able to go up. But then the price started going up and up, and people who didn’t understand the technology thought it was a bubble. So they sold their holdings, trying to lock in their profits. And that’s when the price started falling.

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