Elon Musk, the world’s richest man, is being sued for $258 billion being accused of running a pyramid scheme to promote the Dogecoin cryptocurrency.
Elon Musk is now accused of promoting Dogecoin in order to earn profits from its transactions. Dogecoin was released in 2013 and it was initially designed as an irony against Bitcoin.
But Dogecoin has seen a major increase since last year.
In less than four months Dogecoin has increased from $0,004 to $0.73, which is more than 18.000%.
Elon Musk has regularly twitted about Doge during that time and when the cryptocurrency has started to decrease in value Elon Musk described it as a “furor” on Saturday Night Live.
Dogecoin has dramatically decreased in the last year and right now the coin has a value of 92% less than its all time high, which was recorded in May of last year.