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Elon Musk’s $258 Billion Dogecoin Lawsuit Grows as New Defendants, DOGE Investors Join

Elon Musk’s 8 Billion Dogecoin Lawsuit Grows as New Defendants, DOGE Investors JoinThe $258 billion lawsuit filed against Elon Musk, Tesla, and Spacex over their dogecoin promotion has expanded with new defendants and DOGE investors added. The plaintiffs allege that the meme cryptocurrency dogecoin is a Ponzi scheme, emphasizing that Musk and his companies “falsely and deceptively claim that dogecoin is a legitimate investment when it has […]

Elon Musk’s 8 Billion Dogecoin Lawsuit Grows as New Defendants, DOGE Investors Join

The $258 billion lawsuit filed against Elon Musk, Tesla, and Spacex over their dogecoin promotion has expanded with new defendants and DOGE investors added. The plaintiffs allege that the meme cryptocurrency dogecoin is a Ponzi scheme, emphasizing that Musk and his companies “falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.”

New Defendants and Plaintiffs Added to Lawsuit Against Elon Musk Over Dogecoin

An amended complaint to the $258 billion lawsuit against Elon Musk, Tesla, and Spacex was filed Tuesday in Manhattan federal court.

Seven new investor plaintiffs and six new defendants, including Musk’s tunnel construction business The Boring Company and Dogecoin Foundation, were added to the lawsuit.

Musk, Tesla, Spacex, The Boring Company, and other defendants have been accused of intentionally driving up the price of the dogecoin (DOGE) more than 36,000% over two years before the meme cryptocurrency crashed.

The complaint alleged that the defendants “profited tens of billions of dollars” at other dogecoin investors’ expense, claiming that they knew all along that the meme crypto lacked intrinsic value and that its value “depended solely on marketing.”

The lawsuit was originally filed in June, alleging that Musk and his companies “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.” The plaintiffs claimed that the “Defendants falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.”

Following the news of the original lawsuit, Musk confirmed that he will keep buying and supporting dogecoin. The Tesla CEO, who has been called the Dogefather by supporters of the meme cryptocurrency, has been promoting dogecoin on Twitter. He said the meme crypto has potential as a currency, calling it the people’s crypto.

In May, Musk said Spacex will soon accept DOGE for merchandise and Starlink subscriptions could follow. Tesla already accepts the meme coin for some merchandise. The Boring Company started accepting DOGE as payment for rides on its Las Vegas transit system Loop in July.

After Tesla sold 75% of its bitcoin holdings in July, Musk confirmed that his electric car company has not sold any of its dogecoin, noting that the BTC sale was due to concerns about the overall liquidity for the company, given Covid shutdowns in China.

What do you think about this dogecoin lawsuit against Elon Musk and his companies? Let us know in the comments section below.

Source: Featured Archives – Bitcoin News

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Ghana Takes Steps to Operationalize Gold-for-Oil Scheme — Move Expected to Help Halt Cedi’s Depreciation

According to directives issued by Samuel A. Jinapor, the Ghanaian minister for lands and natural resources, large-scale gold mining companies will be required to “sell 20% of all refined gold at their refineries to the Bank of Ghana.” A gold-for-oil scheme is part of the Ghanaian government’s plan to stop the further dwindling of the […]

According to directives issued by Samuel A. Jinapor, the Ghanaian minister for lands and natural resources, large-scale gold mining companies will be required to “sell 20% of all refined gold at their refineries to the Bank of Ghana.” A gold-for-oil scheme is part of the Ghanaian government’s plan to stop the further dwindling of the country’s foreign exchange reserves.

Bank of Ghana to Use Cedi to Pay for Gold

Following the revelation that Ghana plans to buy oil products using gold, Samuel A. Jinapor, the country’s minister for lands and natural resources, announced on Nov. 25 that starting in 2023, large-scale mining companies “shall sell twenty per cent (20%) of all refined gold at their refineries to the Bank of Ghana.” Payments for the gold will be made using the local currency — the cedi — and will be “at spot price with no discounts.”

According to a Facebook post shared by Ghanaian vice president Mahamudu Bawumia, the Bank of Ghana (BOG) and the Precious Minerals Marketing Company (PMMC), will work with the mining companies to ensure their compliance with the directive. Concerning Ghana’s so-called community mining schemes (CMS), the government said these will be required to sell their “gold outputs to government through PMMC.”

To ensure compliance, Jinapor stipulated that “mining licenses for CMS shall include a clause mandating licensees to sell their gold output to government.” According to the directives issued by Jinapor, all licensed small-scale gold miners will be subjected to conditions that are similar to those imposed on community mining schemes.

Ghana’s Dwindling Foreign Exchange Reserves

Meanwhile, in an earlier post that revealed Ghana’s gold-for-oil plan, Vice President Bawumia insisted such a decision would help preserve the country’s depleting foreign exchange reserves. He added:

The barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence. If we implement it as envisioned, it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport, and food prices.

By reducing or eliminating the use of U.S. dollars when importing oil products, Ghana will effectively tackle one of the key factors behind the cedi’s rapid depreciation, Bawumia argued. As reported by Bitcoin.com News, the Ghanaian currency’s rapid decline since the start of 2022 has seen it being named the world’s worst-performing currency.

While Jinapor’s directives to gold mining companies are being framed as a channel that helps “local gold refineries obtain gold supplies from PMMC to support their operations,” some of Bawumia’s followers on the social media platform have criticized the proposed gold-for-oil policy.

Reacting to the Ghanaian vice president’s post, Facebook user Naji Alhassan said: “These are not good measures. These are window-dressing to please the bourgeois class. The best way to go is to own at least 50% of our gold and also a gold refinery to refine our gold. Very soon, the bourgeois class will deplete all the gold that the Bank of Ghana will be buying. We want pragmatic measures.”

However, some of Bawumia’s followers, like Mohammed Hashiru, applauded the move which they claimed would stop “imperialists from using their worthless papers to control, manipulate and destroy our economies.”

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What are your thoughts on this story? Let us know what you think in the comments section below.

Source: Featured Archives – Bitcoin News

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