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- 💰 Elon Musk hit with $258B Dogecoin lawsuit
💰 Elon Musk hit with $258B Dogecoin lawsuit
Over alleged Dogecoin 'pyramid scheme'
Hey Waivly Crew! 🌊 Elon Musk, Tesla, and SpaceX are facing a $258 billion lawsuit for allegedly running a pyramid scheme to promote Dogecoin. Later this month, Circle is launching a fully-reserved, euro-pegged stablecoin dubbed Euro Coin.
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Elon Musk facing $258B lawsuit for promoting Dogecoin
Elon Musk, and two of his companies, Tesla and SpaceX, are facing a $258 billion lawsuit for allegedly pumping Dogecoin, according to a report from Bloomberg.
In a complaint filed in federal court in Manhattan on Thursday, plaintiff Keith Johnson claimed Musk was part of a racketeering scheme to back the cryptocurrency.
The court documents state Johnson is an American citizen who said he was defrauded out of money by the “defendants’ Dogecoin Crypto Pyramid Scheme.” Johnson argued Musk drove up the price of Dogecoin with various tweets simply for his own “profit, exposure and amusement.”
"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading," the complaint said.
“Since defendant Musk and his corporations SpaceX and Tesla Inc. began purchasing, developing, promoting, supporting, and operating dogecoin in 2019, [the] plaintiff and the class have lost approximately $86 billion in this crypto pyramid scheme,” the court document adds.
Johnson aims to represent all investors who lost money trading the meme cryptocurrency. He is asking for $86 billion in damages and triple damages of $172 billion.
In addition, he is seeking an order blocking Musk and his companies from promoting Dogecoin, and declaring that Dogecoin trading constitutes gambling under U.S. and New York law.
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Crypto Special
Circle, the issuer of the USDC stablecoin, is launching a fully-reserved stablecoin pegged to the euro called Euro Coin (EUROC).
The new stablecoin will initially launch on the Ethereum blockchain on June 30. Support for additional blockchains is expected later this year. As an ERC-20 token, it will work with ERC-20 compatible wallets, protocols, and blockchain services.
According to the press release, Euro Coin is fully backed by euro-denominated reserves “held conservatively in the custody of leading financial institutions within the U.S. regulatory perimeter, beginning with Silvergate Bank.”
“Euro Coin is being issued under a regulated framework for money transmission, under the same statutes that regulate USDC, with full-reserves in Euro,” Circle CEO Jeremy Allaire wrote in a tweet.
Several ecosystem leaders, including Anchorage Digital, Binance.US, Bitstamp, Compound, Curve, Fireblocks, FTX, Huobi Global, Ledger, MetaMask, and Uniswap Protocol, will support the stablecoin at launch.
Panama’s President Laurentino Cortizo has vetoed a law that would regulate crypto, DAOs, and blockchain-related businesses.
According to local media, La Prensa, President Laurentino Cortizo made his decision on the grounds that it “requires adaptation to the norms that regulate our financial system.” The bill will now go back to the country’s legislative assembly to be debated again.
Congressman Gabriel Silva, who first introduced the bill in September 2021, responded to the veto on Twitter, stating it was “a lost opportunity to generate jobs, attract investment, and incorporate technology and innovation in the public sector.”
El Presidente acaba de vetar parcialmente el proyecto de Ley de Crypto
Una oportunidad perdida para generar empleos, atrae inversión e incorporar tecnología e innovación en el sector público
El país merece más oportunidades y también inclusión financiera (1/2)
— Gabriel Silva (@gabrielsilva8_7)
6:04 PM • Jun 16, 2022
“The country deserves more opportunities and financial inclusion,” Silva added, sharing that Congress will study the veto and make necessary corrections before it is passed through to debates.
If passed, the law will recognize cryptocurrencies like Bitcoin and Ether as an alternative payment method for “any legal civil or commercial operation,” including the payment of taxes, fees, and duties to the government.
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