Shulou(Shulou.com)11/24 Report--

According to news in the morning of April 3, Beijing time, Musk reportedly filed a request with a US judge on Friday to dismiss the "dog coin" lawsuit for US $258 billion (currently about RMB 1.77 trillion). In this case, Musk is accused of selling cryptocurrency dog coins in the form of pyramid schemes.

Musk said on behalf of the lawyer that the lawsuit initiated by the dog coin investors was like a "fantasy fiction" and that Musk just sent some harmless and even stupid tweets about the dog coin.

Who is Musk trying to deceive? What risks is he hiding? Investors have never explained clearly. Musk did post some related tweets, such as declaring "Dogecoin rulz" with a Doge meme picture, and saying "no high point, no low point, only Doge", but Musk cannot be accused of fraud by virtue of these vague content.

Musk's lawyer argued: "the dog coin is a legal cryptocurrency with a market capitalization of nearly $10 billion, and sending some supportive tweets or interesting pictures cannot be asserted as a violation of the law." the court should stop the plaintiff's fantasy and should dismiss the lawsuit. "

The plaintiff believed that the dog coin was eligible for "securities", but lawyer Musk disagreed. Despite the counterattack, Evan Spencer, the plaintiff's lawyer, is confident that he can win the case. Investors believe that Musk deliberately pushed up the price of the dog coin 360 times for more than two years, and then let the price collapse. Musk makes huge profits in the course of operation and lets investors bear the losses. Musk himself knows very well that dog coins have no intrinsic value.

Musk once appeared on the NBC show, in which he played a virtual financial expert, calling the dog coin a "hoax". The market value of the dog coin plummeted in the 13 months before the lawsuit, with a compensation of $258 billion equivalent to three times the evaporated market value.

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