Musk Requests Dismissal of $258 Billion Dogecoin Pyramid Scheme Lawsuit

Elon Musk, the billionaire entrepreneur and CEO of SpaceX and Tesla, is facing a $258 billion lawsuit accusing him of operating a pyramid scheme to promote the popular cryptocurrency Dogecoin (DOGE). However, Musk and his legal team are now pushing to have the lawsuit dismissed, stating that the allegations are baseless and lacking in evidence.

The lawsuit was filed by a group of Dogecoin investors in June 2022, who claimed that Musk had used his enormous social media influence to artificially inflate the price of DOGE, causing them to suffer significant financial losses when the cryptocurrency’s value subsequently plummeted. The investors also accused Musk of manipulating the cryptocurrency market to his own advantage, calling his actions a “dogecoin hustle.”

However, according to a Reuters report from April 1, Musk’s lawyers have now requested that the lawsuit be dismissed on the grounds that it is a “fanciful work of fiction” with no factual basis. The hearing took place on March 31 in Manhattan’s federal court, where Musk’s legal team argued that the investors’ claims were entirely without merit and should be thrown out.

This is not the first time that Musk has faced legal action related to his involvement with cryptocurrencies. In 2018, the US Securities and Exchange Commission (SEC) fined him $20 million for allegedly misleading investors with tweets about taking Tesla private. The SEC also required Musk to step down as the chairman of Tesla’s board of directors.

Despite the legal challenges, Musk remains a high-profile figure in the world of cryptocurrencies, and his social media posts about DOGE and other digital assets continue to garner significant attention from both fans and detractors alike.

In recent years, Musk has publicly expressed his support for cryptocurrencies, particularly DOGE, which he has referred to as “the people’s crypto.” However, his statements have also been criticized for their potential to influence the market and create volatility.

Despite the controversy surrounding Musk’s involvement with cryptocurrencies, many investors and traders remain bullish on DOGE and other digital assets, viewing them as a potentially lucrative investment opportunity. Whether the lawsuit against Musk will ultimately be successful remains to be seen, but it is clear that the world of cryptocurrencies continues to be a hotbed of legal and regulatory challenges.


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Judge Considers Dismissing Shaquille ONeal and Naomi Osaka from FTX Lawsuit

In recent news, a federal judge in Florida, United States, is considering dismissing former NBA superstar Shaquille O’Neal and tennis athlete Naomi Osaka from the FTX lawsuit. The judge pointed out that it is unclear whether the two sports stars have been served, and instructed the plaintiffs to provide cause as to why O’Neal and Osaka should not be dismissed from the suit. The judge gave the FTX customers until December to show cause.

In another order issued on March 9, U.S. District Judge Kevin Moore reprimanded other celebrity defendants, including Tom Brady, Gisele Bündchen, Kevin O’Leary, David Ortiz, and Trevor Lawrence, for not following proper procedure in requesting a time extension for a scheduled conference. The judge clarified that the request should have come from the plaintiff’s side, and instructed the conference to proceed as scheduled, or for the plaintiff to move for an extension of time to hold the conference.

As cases against FTX continue to pile up, some plaintiffs have requested the consolidation of lawsuits against the bankrupt exchange. However, on March 8, U.S. District Judge Jacqueline Corley denied the consolidation request, highlighting that the defendants have not yet been allowed to respond. This means that the lawsuits will proceed separately for now.

On the same day, lawyers representing former FTX CEO Sam Bankman-Fried noted that it might be necessary to push back the criminal trial scheduled to start in October 2023. While the lawyers did not formally request a date change, they pointed out that it may be needed because they are still waiting for evidence to be turned over, and Bankman-Fried accumulated more charges in February.

The FTX lawsuit was filed by customers who claimed that the cryptocurrency exchange had been involved in illegal market manipulation and trading practices that caused them financial harm. FTX has denied the allegations and filed a motion to dismiss the lawsuit. The case is still ongoing, with multiple parties involved in the proceedings.

Overall, the FTX lawsuit continues to be a complex and evolving legal matter, with various parties involved in the proceedings. The recent developments highlight the need for proper procedure and adherence to court orders, as well as the potential for further delays in the criminal trial involving former FTX CEO Sam Bankman-Fried. It remains to be seen how the case will unfold in the coming months.


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