Elon Musk and his companies, Tesla and SpaceX, are now facing a USD 258 billion lawsuit for being involved in a Crypto Pyramid Scheme by way of the Dogecoin cryptocurrency. Johnson argues that Musk and his companies "falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all.". He further argued that they have deceived him and others into "believing that Dogecoin is a valuable asset worth purchasing, holding, and trading.". It is no secret that Musk has been vocal about his support for Dogecoin. With tweets of him saying that "Dogecoin is the people's crypto" or that "Doge will live forever". Not to mention with Tesla and SpaceX accepting Dogecoin for its merch and with Musk appearing on Saturday Night Live on which he referenced himself as being the "Doge Father". are engaged in a Crypto Pyramid Scheme (aka Ponzi Scheme) by way of Dogecoin cryptocurrency. – Keith Johnson in the complaint In total, the lawsuit has Johnson demand USD 86 billion in compensatory damages and USD 172 billion in treble damages. Johnson is also seeking court orders to prohibit Musk and his companies from promoting Dogecoin and to have trading Dogecoin declared as a form of gambling. Read more in our articles including "Elon Musk sued for USD 258 billion by Dogecoin investor" and "Top 5 Crypto Presales of 2024".
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Jun 11, 2026Elon Musk and his companies, Tesla and SpaceX, are now facing a USD 258 billion lawsuit for being involved in a Crypto Pyramid Scheme by way of the Dogecoin cryptocurrency. Johnson argues that Musk and his companies "falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all.".
He further argued that they have deceived him and others into "believing that Dogecoin is a valuable asset worth purchasing, holding, and trading.". It is no secret that Musk has been vocal about his support for Dogecoin. With tweets of him saying that "Dogecoin is the people's crypto" or that "Doge will live forever". Not to mention with Tesla and SpaceX accepting Dogecoin for its merch and with Musk appearing on Saturday Night Live on which he referenced himself as being the "Doge Father".
Our coverage of Doge Father includes: "Elon Musk sued for USD 258 billion by Dogecoin investor"; "Top 5 Crypto Presales of 2024"; "Banks, e-wallets face new BSP rules on digital payment fees". Each article provides unique insights and information.