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Elon Musk sued for $258 billion over alleged Dogecoin (DOGE) racketeering

The defendant is asking for $86 billion in damages, but because of the decline in Dogecoin's market value, is tripling that figure to $258 billion.

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A plethora of interesting, and strange, news has dropped today regarding Elon Musk including how he’s being sued for a whopping $258 billion over allegations that he ran a pyramid scheme in supporting the cryptocurrency Dogecoin (DOGE).

Musk is being sued by the likes of Keith Johnson, with the main complaint being that Musk promoted Dogecoin and profited from its trading, even though Dogecoin “had no value.”

Musk (or more specifically, Musk’s lawyer) has yet to respond to requests to comment on the lawsuit. Likewise, Johnson’s lawyers have also failed to respond to requests for comments on things like what sort of evidence Johnson has to verify claims of Dogecoin being “worthless” and that Musk ran a “pyramid scheme” by supporting it.

Johnson is asking for $86 billion in damages in the class-action lawsuit, and — given the “decline in Dogecoin’s market value” — is also asking for that figure to be tripled, bringing the total up to a staggering $258 billion. As reported by Reuters, “He also wants to block Musk and his companies from promoting Dogecoin and a judge to declare that trading Dogecoin is gambling under federal and New York law.”

This part sounds a bit more reasonable than the rest of the lawsuit details, of course, as you continue reading through the Reuters report it goes right back to sounding a tad ridiculous.

Elon Musk sued for $258 billion over alleged Dogecoin (DOGE) racketeering

As we wait to learn more about the lawsuit Johnson has filed against Musk over Dogecoin (DOGE), we’re curious what your thoughts are on the situation. Let us know in Chatty, and for more on what’s going on with Elon Musk, also be sure to read through our coverage of Elon Musk telling Twitter employees that he hasn’t seen any actual evidence of aliens.

Senior Editor

Morgan is a writer from the frozen wastelands of Maine who enjoys metal music, kpop, horror, and indie games. They're also a Tetris fanatic who's fiercely competitive in games like Tetris 99... and all games in general. But mostly Tetris. You can follow Morgan on Twitter @Author_MShaver.

From The Chatty
  • reply
    June 16, 2022 1:48 PM

    Morgan Shaver posted a new article, Elon Musk sued for $258 billion over alleged Dogecoin (DOGE) racketeering

    • reply
      June 16, 2022 1:51 PM

      ...but I'll settle out of court for $2,500.

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      June 16, 2022 1:57 PM

      Are trying to set a record with musk stories today

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        June 16, 2022 3:17 PM

        I are trying, yes.

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        June 16, 2022 4:04 PM

        Look how much engagement they’ve gotten from the community compared to the usual 🤷‍♂️

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          June 16, 2022 4:23 PM

          Yeah, just a quick look at our Shacknews E6 threads highlights your point. We spent months working on that, while this article was written in 30 minutes.

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            June 16, 2022 4:25 PM

            We’re just all old angry people who want to shout at the sky 😔

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              June 16, 2022 4:32 PM

              I am beyond the point of feeling bad about it. It is pretty clear that some people on the Chatty simply don't care about the content we create at Shacknews, but there are people on other parts of the Internet who do enjoy it. The Shacknews Indie Showcase was pretty successful yesterday, and all these live music performances this week have been great.

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                June 16, 2022 5:28 PM

                Yeah, I watched some of it and it was entertaining! Most of it happened during work hours when I couldn’t, but chatting with a chef … on my shacknews?? Who knew!

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                  June 16, 2022 5:31 PM

                  Forgot the most important part - you’re right, if you’re reaching an audience with that stuff, awesome! Who gives a shit what the crotchety chatty does or doesn’t engage with. But if stuff like this gets both, even better!

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                June 16, 2022 7:36 PM

                I think the content is rad even though I’m not really consuming it. My limited free game time, I’d rather be playing games.

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                June 16, 2022 7:46 PM

                I started playing hearthstone again and miss that coverage here :(

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                June 16, 2022 11:37 PM

                I think you all are doing a great job with content, it makes me feel super lame that I’m just too out of touch to really engage with it. That’s on top of the fact that I strongly prefer reading over video/audio anything, but I’m well aware that the ship has sailed and I’m part of a small minority that has been rightly left behind. I’m not quite sure what I’m trying to say here: I guess just that I *do* care about the content you are creating and I think it’s the right move even though I’m not the target audience.

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          June 16, 2022 10:46 PM

          Do you have a lot of money in crypto or something

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            June 16, 2022 11:06 PM

            Nope. I own a little position in Dogecoin. And I was given $50 worth of Bitcoin from referrals that is now worth $23. I mainly own publicly traded stocks. And Shacknews debt. I own Dogecoin cuz dog money. Not because I believe in crypto or defi. We try to cover stories in crypto in a factual way to educate readers. Even if you hate crypto, our articles are usually informative.

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              June 16, 2022 11:09 PM

              I was replying to boarder cause he seemed oddly defensive

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                June 16, 2022 11:18 PM

                Eh? No. I think crypto, NFT, and just about everything blockchain based today is a bullshit solution in search of a problem at best and really just a scam/Ponzi scheme. Feel free to look at my post further down in this thread or search my history. Pretty consistently vocal about my dislike of this crap.

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      June 16, 2022 2:01 PM

      To the moon

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      June 16, 2022 3:21 PM

      Is that all?

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      June 16, 2022 3:29 PM

      Scammer mad that they got scammed by a scammer. Asking for real money in “damages” because their fake money scam didn’t work out. Cool.

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      June 16, 2022 5:48 PM

      Cool.

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