A man named Keith Johnson has sued billionaire Elon Musk over cryptocurrency. Johnson is seeking $258 billion from Musk and his company in connection with the losses in the Dogecoin cryptocurrency for which this case occurred. Let’s know what the whole matter is.
If you are interested in cryptocurrencies then you must be well aware of Dogecoin. The price of this currency was at the peak level some time ago. But due to the downturn in the crypto market, its value has completely fallen and the crypto investors are facing huge losses. One of these investors is Keith Johnson, who has lost $86 billion.
‘Dogecoin Crypto Pyramid Scheme’
Keith Johnson describes himself as a ‘US citizen who was defrauded’. He has been investing in Dogecoin since 2019. According to him, he has been defrauded by the ‘Dogecoin crypto pyramid scheme’ in the name of investing in cryptocurrencies, causing him a loss of around $86 billion.
Johnson says that the price of Dogecoin is being increased by promoting it through Elon Musk. To prove this, investors have relied on Musk’s tweets. In this case, he has filed a case against Musk in New York Court.
Dogecoin’s value continues to fall
Dogecoin is a cryptocurrency introduced in 2013. The value of this currency increased significantly after it was promoted by Elon Musk and his company accepted Dogecoin. However, at the moment the price of this cryptocurrency has reached 6 cents.
Is this the right time to invest in Dogecoin or other cryptocurrencies?
The price of all cryptocurrencies seems to be falling for the past few days. Top currencies like bitcoin are down up to 30%. It is not safe to invest in this type of market without someone’s opinion. It is being told by investors and investment experts that cryptocurrency is fraud. So, invest your money at the right place based on risk and facts.