Elon Musk, SpaceX, Tesla Sued in Class Action Alleging Cryptocurrency 'Pyramid Scheme'

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Elon Musk, SpaceX and Tesla were named as defendants in a class action lawsuit filed in the Southern District of New York Thursday related to the cryptocurrency Dogecoin, through which class members have allegedly lost $86 billion since 2019.

Class attorney Evan Spencer alleged that Musk and his companies have engaged in a “crypto pyramid scheme” through Dogecoin, according to the suit, which was surfaced by Law.com Radar.