Skip to main content

Elon Musk requests dismissal of $258B Dogecoin lawsuit: Report

Investors pointed to Musk’s portrayal of "a fictitious financial expert" during a Saturday Night Live appearance, referring to Dogecoin as “a hustle,” as a reference point in the lawsuit.

Elon Musk and his lawyers reportedly requested a United States judge to dismiss the $258 billion lawsuit filed by investors who alleged that he operated a pyramid scheme to promote the cryptocurrency Dogecoin (DOGE).

According to an April 1 Reuters report, Elon Musk's lawyers referred to the lawsuit filed by Dogecoin investors, a “fanciful work of fiction,” in Manhattan's federal court on March 31.

It was reported that Musk's lawyers referred to his Dogecoin statements as “innocuous and often silly tweets," in an effort to convince the judge to "throw out" the multi-billion dollar lawsuit.

Musk's lawyers explained that his Dogecoin-related statements – including “Dogecoin Rulz” and “no highs, no lows, only Doge” – were “too vague” to warrant a fraud claim. The lawyers noted:

“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”

Investors cited Musk’s Saturday Night Live appearance where he portrayed "a fictitious financial expert," and referred to Dogecoin as “a hustle,” a reference point in the lawsuit.

The lawyer representing the investors, Evan Spencer, reportedly stated in an email that "we are more confident than ever that our case will be successful."

This is a developing story, and further information will be added as it becomes available.



from https://ift.tt/Su7hp6X
https://ift.tt/PfxJy9K
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...
Post a Comment
Read more

Osprey sues Grayscale for misrepresenting likelihood of GBTC ETF approval

Osprey alleges its only competitor on the BTC OTC trust asset market gained its 99.5% market share by misrepresenting the likelihood of its trust becoming an ETF. Digital asset manager Osprey Funds filed suit against Grayscale Investments in Connecticut Superior Court on Jan. 30, alleging violation of the state’s Unfair Trade Practices Act. The suit concerns Grayscale advertising and promotion of the Bitcoin ( BTC ) exchange-traded fund (ETF) it is seeking to create.  Osprey stated in the suit that it is the only competitor to Grayscale on the over-the-counter traded Bitcoin trust asset management market, and Grayscale maintained its leading position through deceit: “Only because of its false and misleading advertising and promotion has Grayscale been able to maintain to date approximately 99.5% market share in a two-participant market despite charging more than four times the asset management fee that Osprey charges for its services.” Specifically, Osprey alleged that Graysc...
Post a Comment
Read more