According to a report by Reuters, it revealed that an investor in the digital currency Dogecoin has filed a lawsuit against Elon Musk, demanding that he pay compensation estimated at more than 257 billion US dollars. According to the report, the fabricated charge against Musk is one of the forms of illegal fraud in the field of fraud. Investment, which is known as a pyramid scheme, with the aim of supporting the digital currency Dogecoin.

A federal court in Manhattan witnessed plaintiff Keith Johnson filing a lawsuit accusing the founder of Tesla, the leading electric car manufacturer, and SpaceX, the leading space tourism company, of filing a lawsuit against defendant Elon Musk, which states that he blackmailed the latter by promoting the Dogecoin currency and raising its value and then Reducing the price after a period of time.

Text of the complaint

According to a Reuters report, both Musk and Johnson have been working together for 3 years, and they contributed to promoting the currency after it lost value by trading the currency for the purpose of profit. The report confirmed that Musk was relying on his personal influence as the richest man in the world as a currency manager. Dogecoin and speculation on it through a pyramid scheme with the aim of reaping the greatest possible profits and entertainment.

The complaint also included some comments by the world’s rich people, including Warren Buffett, Bill Gates, and others who questioned the digital currency in terms of value. Until this moment, Musk’s lawyers and companies are reluctant to make any statements regarding these allegations. Will it really prove Musk’s involvement in supporting… Cryptocurrencies illegally? What is the secret behind Musk’s influence on digital currencies? Does Musk have anything to do with the recent decline in the value of digital currencies?

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Cryptocurrency collapse: The wave of decline is the longest in years

During the current year, the value of Bitcoin, which is considered the largest digital currency on the market, and many small digital currencies, including Dogecoin, declined to more than half the value, and the total losses of digital currencies in just one year amounted to about 1.5 trillion US dollars, which created a state of panic in the market. Digital currencies, and as a result, many investors exited the digital currency market to reduce financial risk.

According to economic analysts, the wave of decline in the digital currency market is considered the longest in a long time. Last week, the market value of digital currencies declined to more than 799 billion US dollars, and the matter is not limited only to Bitcoin, but all other digital currencies were affected by the state of volatility. The market witnessed, including the Ethereum currency, which declined by more than 72 percent of its value.

The impact of digital currencies on the gaming industry

Since it appeared Digital currencies It has become a means of investing and making profits. Many websites, most notably online gaming sites, institutions, and major companies, have opened their doors to deal in digital currencies as a means of paying for services and products. After the digital currency was a dangerous asset that some people avoided, it has become one of the best assets that people are rushing to… Many gaming sites, institutions, and companies have adopted it, and as a result, users’ interest in dealing in digital currencies has increased. Because it works in a decentralized manner and is difficult to track by governments because it works on blockchain technology, in addition to the ease of depositing and immediate withdrawal of funds, it can be purchased easily, and no commissions or fees are imposed on it, especially since it is a profitable asset for investment, but how is it used?

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Bill Gates: Cryptocurrencies are a big risk

Microsoft founder Bill Gates warned followers and fans of Tesla founder of the risks of investing in encrypted digital currencies, saying that the digital currency market carries great risks for anyone who has financial wealth.

Bill Gates’ statements came after Elon Musk demonstrated his terrible ability to cause a wave of fluctuations in the digital currency market and its price value through his statements on social media.

Musk is famous for being one of the investors in digital currencies who owns large amounts of Ethereum, Bitcoin, and Dogecoin, and in the context of this, Gates confirmed that Musk’s investment in digital currencies does not carry any strong risks, because he possesses a huge reserve of coins, in addition to his possession of great wealth, but the harm The biggest will be for those who do not have wealth or cryptocurrency reserves and who will inevitably be affected by market fluctuations that may eventually lead to bankruptcy.

The reason behind the decline of digital currencies

Many economists and financial analysts attributed the reason behind the collapse of the digital currency market to several reasons, including:

  • Investors’ fear of investing in digital currencies that entail significant risks.
  • Many banks have raised interest rates due to the rise in the global inflation rate and reaching very high levels.
  • The Chinese government imposed a ban on dealing in digital currencies on many banks, institutions, and companies, which greatly increased the rate of digital currency losses.
  • A number of countries have implemented strategies in the field of digital currencies that are completely different from the strategies of other countries.
  • Most cryptocurrency service providers operate without restrictions or legislation, which makes it difficult for governments to monitor or track them, and may make investing in digital assets a risk that must be avoided.

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