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Musk sued for alleged Dogecoin pyramid scheme

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A Dogecoin investor alleges in a lawsuit that billionaire Elon Musk ran a pyramid scheme to support the cryptocurrency, Reuters reports.

Plaintiff Keith Johnson is suing Musk for $258 billion.

"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading," the complaint alleges. "Musk used his pedestal as world's richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure and amusement."

Read more from Reuters.

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