The complaint quoted an array of Musk’s tweets regarding Dogecoin, including a meme declaring that Dogecoin “is money” and a claim that SpaceX would launch a satellite mission paid for with Dogecoin.
June 16, 2022 at 11:32 AM
3 minute read
The original version of this story was published on New York Law Journal
Elon Musk, SpaceX and Tesla were named as defendants in a class-action lawsuit filed in the Southern District of New York on Thursday related to the cryptocurrency Dogecoin, through which class members have allegedly lost $86 billion since 2019.
Class attorney Evan Spencer alleged that Musk and his companies have engaged in a “crypto pyramid scheme” through Dogecoin, according to the suit, which was surfaced by ALM’s Law.com Radar.
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A sticker advertising Dogecoin on a cryptocurrency automated teller machine (ATM) at a laundromat in Hong Kong, China, on June 9, 2022. Photo: Paul Yeung/Bloomberg
