Elon “ the Dogefather ” Muskhas go to brush aside the $ 258 billion Dogecoin lawsuit he is facing , harmonise to document file with Manhattan federal court . The complainant take that Musk pitch a pyramid scheme in the form of Dogecoin with accusations including wire fraud and play .
In Johnson v. Musk et al . , filed in the Southern District of New York federal court , Musk ’s lawyer file a schematic motion to send packing this retiring Friday in respect to the racketeering cause the technical school mogul currently faces for his involvement in advertize the cryptocurrency Dogecoin . According to Reuters , Musk ’s attorney are arguing that the lawsuit is rubbish — more specifically , that the complainant never actually described how Musk ’s statements in favor of Dogecoin con anyone , or what risks Musk obscure from investor .
“ The Complaint is a imaginary piece of work of fabrication that fails to state any actionable claim against Defendants Elon Musk and Tesla and must be send packing in its entireness with prejudice , ” Musk ’s lawyers compose in a memorandum related to the motion to terminate , file away on Friday evening in Manhattan court . “ Mr. Musk posted innocuous and often sappy tweet about a cryptocurrency call ‘ Dogecoin . ’ But there is nothing outlawed about tweeting words of support for , or funny word picture about , a legitimate cryptocurrency that continues to hold a grocery store cap of nearly $ 10 billion . ”
The plaintiffs argue that Musk and his companies intentionally drove up the value of Dogecoin 36,000% over two years before letting it tank.Image: surassawadee (Shutterstock) / Image: Christian Marquardt - Pool (Getty Images)
The plaintiffsarguethat Musk and his companies advisedly drive up the time value of Dogecoin 36,000 % over two years before letting it armoured combat vehicle , generating 1000000000 of dollar in profit at the expense of its investor . Dogecoin has widely been regard a meme currency that rose to prominence at the tiptop of the crypto bubble , a currency that Musk has influence to some extent with valuesurging 18 % after Musk take it would be accepted by Tesla , for example . Forbesreported yesterday that the cryptocurrency ’s time value jumped 10 % after Musk ’s squad filed the motion to brush off .
Um why is the Dogecoin image taking over Twitter?pic.twitter.com / LCzuSpfvmz
— Matt Novak ( @paleofuture)April 3 , 2023
Seemingly in reply to the Dogecoin lawsuit , Twitter user begin notice the cryptocurrency ’s logo appearing in position of the platform ’s logotype in the upper right quoin of the desktop ’s website . It ’s not clear what exactly this logo dish to say , but it ’s probable an effort by Musk to troll the plaintiffs , the Dogecoin non - believers , or some other party the Chief Twit has a bone to pluck with .
The lawsuit was to begin with file in June 2022 , and since then crypto has have quite the spill . Once the herald of a new economic system / internet cross has now turned into a punchline for most . Notably , crypto commutation FTX accept a nose diving in Novemberas$9 billion in customer finances vanisheddue to a fluidity crisis . More latterly , however , Matt Damon admit he shill for Crypto.com because his not-for-profit was face financial woes .
Update April 3 , 2:25 p.m. EST : This article was updated to let in the development that Twitter ’s logo was supercede with the Dogecoin logo .
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