Crypto Flipsider News — Musk Lawsuit; Huobi Exits Thailand; Celsius Investigation; Circle Launches EUROC; stETH Pool Empties
Read in the Digest:
Elon Musk, SpaceX, and Tesla slammed with $258B lawsuit for alleged DOGE “pyramid scheme”.
Huobi Thailand shuts down — Binance looks to re-enter South Korea.
State securities regulators investigate Celsius — BlockFi liquidates Three Arrows Capital.
Circle launches Euro Coin (EUROC) — a euro-backed stablecoin.
Celsius Network and investors trapped as stETH dries up and de-pegs.
Elon Musk, SpaceX, and Tesla Slammed with $258B Lawsuit for Alleged DOGE “Pyramid Scheme”
Elon Musk, along with his companies SpaceX and Tesla Inc, has been hit with a $258 billion lawsuit by a dogecoin investor who has accused Musk of promoting Dogecoin (DOGE), which he names a pyramid scheme.
In a complaint filed with the federal court of Lower Manhattan, plaintiff Keith Johnson alleges that Musk was involved in driving the price of Dogecoin up, only to let it tumble. He adds that Musk was aware DOGE offered no value, yet promoted it in order to profit from its trading.
The plaintiff describes himself as “an American citizen who was defrauded out of money by defendants’ Dogecoin Crypto Pyramid Scheme.”
Johnson is seeking $86 billion in damages, plus triple damages of $172 billion, an order that would block Musk and his companies from promoting Dogecoin, and a declaration that the trade of Dogecoin constitutes gambling under the applicable law.
Confirming that he would be moving ahead with his plans to purchase Twitter, Musk made his plans for crypto Twitter known.
Why You Should Care
Although Elon Musk is yet to comment on this lawsuit, the self-acclaimed Dogefather has a notable history of promoting Dogecoin via his social media.
Huobi Thailand Shuts Down — Binance Looks to Re-Enter South Korea
Eighteen months after launching in Thailand, Huobi has announced it will permanently shut down its operations in Thailand on July 1st, 2022 after its license was revoked by the Thai SEC in May.