World Dogecoin as a snowball system? The lawsuit extended against Musk

07:10  06 october  2022
07:10  06 october  2022 Source:   finanzen.net

Elon Musk and Twitter dig for evidence as trial looms

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The lawsuit against Tesla boss Elon Musk for manipulating the Dogecoin course was expanded by seven new investors and six new defendants. There are room for damages in three -digit millions.

Raymond Boyd/Getty Images © provided by Finanzen.net Raymond Boyd/Getty Images

• Original application was expanded

• Study "Musk effect" on Dogecoin according to

• Damage claim in the millions

The original application was submitted in June of this year and will be submitted at "Johnson et al against Musk et al, U.S. District Court, Southern District of New York, No. 22-05037" in Manhattan.

Specifically, Elon Musk is accused of having operated a snowball system in order to drive up the course of the cyberdevise and then drop. Musk's positive comments in interviews and via Twitter - he explains the Dogecoin, among other things, about his "favorite cryptocurrency" - had repeatedly inspired the Dogecoin course. However, he crashed after the billionaire described the cyberdevise in the program "Saturday Night Live" as a dizziness.

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Expansion of the application against Elon Musk

As reported by the Reuters news agency, according to the original application, the two Musk companies Tesla and SpaceX are also involved in manipulation. The defendant's circle was expanded, among other things, by the Boring Company company, which also belongs to the billionaire. According to the current expansion of the application, the Dogecoin Foundation is now one of the defendants. According to its own information, it was founded on the 2014 homepage by members of the Dogecoin team and is classified as a non-profit organization.

According to the new application, at the expense of the other Dogecoin investors, the defendants deserved billions of US dollars with a currency that they knew that they were only based on marketing: "Since 2019, the accused knew that Dogecoin had no value But still promoted Dogecoin to benefit from his trade. " An official press release from the Musk companies resp. Elon Musk himself has not existed for the new allegations.

Musk and Selenskyj deliver Twitter dispute via Peace Plan

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on Twitter only wrote Elon Musk on June 19 at the time of the original filing of the lawsuit that he would continue to support Dogecoin.

I Will Keep Supporting Dogecoin

-Elon Musk (@elonmusk) June 19, 2022

Dogecoin course: The "Musk effect"

A connection between Elon Musk's statements and the course of cryptocurrency also shows a study from Hamburg: The Blockchain Research Lab uses 46 crypto-related tweets to the so-called "musk effect" on the Dogecoin course. The crypto veteran Bitcoin , on the other hand, was unimpressed by Musk's statements. The authors come to the clear conclusion that "the tweets of Elon Musk influence the cryptocurrency market. [...] A single tweet can trigger a large movement in the price and trade volume of a cryptocurrency, which raises concerns about investor protection." Musk's comments indicated a conflict between freedom of speech and moral protection of investors in an insufficiently regulated cryptoma market, according to the authors.

Zelensky and Musk in row over 'peace plan poll'

  Zelensky and Musk in row over 'peace plan poll' The Tesla boss asked followers to vote on his ideas to end Russia's invasion, prompting criticism.Mr Musk asked his 107.7m followers to vote on ideas that included ceding territory to Russia.

has come together in the past, Elon Musk has also been several times with the Dogecoin co-founder Jackson Palmer , who was annoyed by Musk's tweets and suspected self-in use behind the statements. Musk is a "crook" that sells a vision that he might not be able to meet in the future. Palmer not only refers to statements about cryptocurrencies, but also to Musk's visions for Tesla.

Damage claim of the Inverstors

of the Dogecoin with the Hundelogo, originally created as a satiracy on cryptocurrencies, was known worldwide by Elon Musk. Now the billionaire is being sued for damages of $ 258 billion. This corresponds approximately to the triple of the estimated price loss of the Dogecoin since May 2021. The Dogecoin has lost around 99 percent since May 2021, and is currently still listing at $ 0.065 (as of October 5, 2022). Redaktion finanzen.net

Elon Musk, Lindsey Graham feud over US handling of Ukraine-Russia War, referendum elections .
Elon Musk and Senator Lindsey Graham feuded on social media over how the United States should handle the ongoing Russia-Ukraine War. Musk offered a solution Graham called "dumb."Musk, the founder of Telsa and CEO of SpaceX, offered a "solution" to the Russia-Ukraine War that included Ukraine handing over Crimea to Russia and Ukraine staying out of NATO, in return, Russia should quit any further militaristic invasion.

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