A news everywhere Elon Musk sued for $258 billion. An investor in cryptocurrencies has filed a lawsuit against Elon Musk, accusing the Tesla co-founder of operating a pyramid scheme through the use of dogecoin. The investor is seeking a judgement of $258 billion.

Plaintiff Keith Johnson filed a complaint in New York against Musk Tesla and Space X, alleging that they engaged in a “pyramid scheme” to artificially increase the price of bitcoin.

Dogecoin is not a legal investment, according to the lawsuit, the defendants “falsely and deceptively assert that.”

According to the allegations made in the lawsuit, “since defendant Musk and his corporations Space X and Tesla, Inc. began purchasing, developing, investing, promoting, supporting, and operating dogecoin in 2019, plaintiff and the class have lost approximately $86 billion” in what the lawsuit refers to as a “crypto pyramid scheme.” Moreover, the lawsuit claims that the defendants are responsible for “approximately 86 percent” of the total losses.

According to the lawsuit, Musk has posted numerous videos and tweets on Dogecoin throughout the years. In publicizing his April 2021 visit on NBC’s “Saturday Night Live,” Musk referred to himself as the “DogeFather,” according to the lawsuit.

According to the lawsuit, Johnson is an American citizen who was scammed out of money by the defendants’ Dogecoin Crypto Pyramid Scheme, “and he’s asking for an additional $172 billion in damages to make up for the 86 billion dollars in losses he’s already claimed.”

And he wants Musk and his enterprises banned from further promotion of the digital currency, as well as a declaration of cryptocurrency trading as gambling under the laws of both the US and New York.

Elon made the announcement in December of the previous year that Tesla would begin accepting the popular cryptocurrency dogecoin for the purchase of Tesla items. Additionally, Musk advocated for the quick-service restaurant McDonald’s to begin taking the cryptocurrency Dogecoin as a form of payment beginning in the month of January.

There were some 5,859 percent gains in Dogecoin in the last year, thanks to Musk’s support, Reuters reported at the time.

Reuters reported that Dogecoin was trading at around 5.8 cents on Thursday, down from its top of about 74 cents in May 2021.

After reading the news everywhere about Elon musk sued for $258 billion, it created a fright regarding the future of doge coins.

If you want to exchange your dogecoins, you can use SwapWolf a non-custodial limitless crypto exchange.

Given the current state of the market, it is difficult to determine which cryptocurrency will eventually surpass its existing benchmark. It is necessary to educate yourself on the market and make an informed decision, and you can use SwapWolf to swap your tokens. Fear is the most common obstacle that people face, so it is important to educate yourself on the market.

Disclaimer: Both NFTs and cryptos are unregulated, which means there is a considerable level of risk associated with investing in them. If you suffer a financial loss as a result of these transactions, you may have no legal recourse available to you from the government.