|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Elon Musk Wins Dogecoin Lawsuit: Judge Dismisses 'Pyramid Scheme' Claims
Aug 30, 2024 at 04:09 pm
Elon Musk and his electric vehicle company, Tesla, have successfully cleared a lawsuit that accused them of artificially inflating the price of Dogecoin.
A US judge has dismissed a lawsuit that accused Elon Musk and his electric vehicle company, Tesla, of inflating the price of Dogecoin with their statements and actions, leading to a $258 billion pyramid scheme. The lawsuit, filed in June 2022, alleged that Musk and Tesla drove up the price of the meme cryptocurrency through a "pump and dump" scheme, ultimately defrauding investors who lost significant amounts after investing in Dogecoin, largely due to Musk's tweets.
The plaintiffs claimed that Musk's statements, such as "One word: Doge," in a 2021 tweet, were aimed at attracting investors and artificially inflating the price of Dogecoin. The lawsuit also highlighted Musk's announcement that Tesla would begin accepting Dogecoin for merchandise, which they claimed further boosted its value.
However, US District Judge Alvin Hellerstein ruled on August 29 that Musk's social media posts were "aspirational" rather than "factual and susceptible to being falsified." In his dismissal, the judge stated that "no reasonable investor could rely upon them." This decision effectively clears Musk and Tesla from the lawsuit, which was filed in the US District Court for the Southern District of New York (Manhattan) and is officially titled Johnson v. Musk, 22-cv-05037.
The lawsuit had also accused Musk and Tesla of engaging in a "pump and dump" scheme with Dogecoin, but Judge Hellerstein stated that it was "not possible to understand" these allegations. Despite the dismissal, plaintiffs' attorney Evan Spencer expressed disappointment and said that they planned to appeal the decision. In response to the judge's ruling that Musk's statements were merely aspirations, Spencer argued that "Musk's statements and publications were far more than puffery, and a class of millions lost billions of dollars as a result."
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Internet Computer (ICP), Sui (SUI), and BlockDAG (BDAG) Making Headlines as Cryptocurrency Market Nears Bull Run
- Sep 24, 2024 at 12:15 pm
- The cryptocurrency market may be on the brink of another bull run, and three coins are currently making headlines: Internet Computer (ICP), Sui (SUI), and BlockDAG (BDAG).
-
- Coin Master Free Spins And Coin Links Today September 24, 2024
- Sep 24, 2024 at 12:15 pm
- Coin Master is one of the most popular games that both Android and iOS users can download for free. It is a unique game which requires gamers to build village
-
- $GRT Airdrop Tempest: Weather the Claiming Storm
- Sep 24, 2024 at 12:15 pm
- Did you qualify for $GRT Airdrop?
-
- The Graph (GRT) Token on the Verge of Breaking August Highs
- Sep 24, 2024 at 12:15 pm
- The Graph [GRT] token has performed well since last Monday. Like the rest of the crypto market, the token has registered double-digit price gains.
-
- Coins.ph Expands PHPC Stablecoin to Solana Blockchain
- Sep 24, 2024 at 12:15 pm
- Coins.ph announced that their Philippine Peso stablecoin, PHPC, will be supported on the Solana blockchain, broadening its use cases for remittances, DeFi, and on-chain FX trading.
-
- Aptos Enhances BTC Integrations, Polygon Shows Recovery Signs, BlockDAG Testnet Launch Stuns
- Sep 24, 2024 at 12:15 pm
- Aptos is enhancing its presence with the integration of sBTC, which marries Bitcoin with decentralized finance (DeFi) and gaming sectors.
-
- Limited THETA NETWORK Airdrop — Claim Yours Now!
- Sep 24, 2024 at 12:15 pm
- Everything you need to know about THETA NETWORK Airdrop
-
- The Great Bitcoin Mining Migration: How the US Overtook China as the Global Leader
- Sep 24, 2024 at 11:50 am
- In recent years, the global Bitcoin mining landscape has undergone a dramatic transformation. Once dominated by Chinese miners, the hashrate distribution has shifted significantly.
-
- Ether (ETH) Outperformed Bitcoin (BTC) in Daily Gains as Token 2049 and Solana's Breakpoint Events Concluded in Singapore
- Sep 24, 2024 at 11:35 am
- Ethereum climbed 3.10%, surpassing $2,650, while Bitcoin rose 1.46%, hitting $63,630 in the last 24 hours according to the CoinMarketCap.