BTC $71,807
2026 Bull Run Is Building Start trading with 5% OFF all fees
Sign Up Now
BTC $71,807
Bull Run 2026 | 5% Off Fees Open your Binance account today
Sign Up

Musk and his companies sued for Ponzi-type fraud on Dogecoin

In addition to huge damages, the citizen who sued Musk is asking for a ban on any kind of Dogecoin promotion.

- Advertisement -

Keith Johnson, an American citizen has filed a lawsuit against Elon Musk and his companies SpaceX and Tesla claiming $258 billion as he says that Elon Musk created a “Ponzi-type” scam to support Dogecoin.

The American citizen who lost his money in the Dogecoin ”Crypto Pyramid Scheme”, sued Musk and his companies, claiming that they have created an illegal extortion racket to drive up the price of Dogecoin.

As stated in the lawsuit filed today, Thursday, June 16, in Manhattan federal court:

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment even though it has no value”.

- Advertisement -

As Bloomberg reports, Johnson is seeking to set an example to people who have lost money in Dogecoin transactions since April 2019. He is seeking compensation totaling $258 billion, as well as a court order preventing Musk and the companies from promoting Dogecoin and a public declaration that Dogecoin trading constitutes gambling under US and New York law.

Both Musk and representatives of his companies did not respond to Bloomberg’s request for comment on the lawsuit against them.

Dogecoin was trading today at about 5 cents and has lost about 67% this year. It surged to 74 cents last year before giving up those gains.

Previous Articles:

- Advertisement -
Ad
Altseason Is Loading. Don't watch from the sidelines.
SOL $90.51
DOGE $0.0963
LINK $9.02
SUI $1.00
5% off fees when you sign up
Start Trading
Ad
Pay Less on Every Trade. For Life.
$10K/mo volume Save $60/yr
$50K/mo volume Save $300/yr
$100K/mo volume Save $600/yr
5% off all trading fees when you sign up
Claim Your Discount

Latest News

Bitcoin miners’ AI expansion faces sharp borrowing cost gaps

Bitcoin miners entering AI face varying borrowing costs as lenders tighten scrutiny on data...

Ledger pauses CryptoBilis sales after $86M theft

Ledger temporarily paused sales through reseller CryptoBilis after reports of stolen funds from users...

Micron Stock 33.8% Overvalued, Price Target Shows 51% Upside

Micron stock closed at $1,029 on October 9, 2026, with GuruFocus estimating a fair...

Bitmine Buys 12,532 ETH, Now Holds 4.9% of Ethereum’s Supply

Bitmine acquired 12,532 ETH over the past week, bringing its holdings to 6,028,946 ETH,...

Strategy Buys 250 BTC, Smallest Purchase of 2026

Strategy purchased 250 BTC at an average price of $86,194, its smallest weekly Bitcoin...

Must Read

Are Cryptocurrency Securities?

TL;DR - Cryptocurrencies are not typically considered securities, as they are decentralized digital assets that operate independently of any central authority or government. However,...
Ad
Altseason Is Loading. These 4 coins are trending right now.
SOL $92.12
DOGE $0.0950
LINK $9.02
SUI $1.02
5% off spot fees when you sign up
Start Trading