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Elon Musk Asks Judge to Dismiss $258B Dogecoin Lawsuit — Insists Tweeting Support for DOGE Isn’t Unlawful – Featured Bitcoin News

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Elon Musk Asks Judge to Dismiss $258B Dogecoin Lawsuit — Insists Tweeting Support for DOGE Isn’t Unlawful – Featured Bitcoin News

Tesla and Twitter CEO Elon Musk has requested a U.S. decide to dismiss a $258 billion lawsuit filed towards him by dogecoin traders. They alleged that the billionaire operated a pyramid scheme to advertise the meme cryptocurrency dogecoin. “There’s nothing illegal about tweeting phrases of assist for, or humorous photos about, a professional cryptocurrency that continues to carry a market cap of practically $10 billion,” Musk’s lawyer argued.

Elon Musk Desires Court docket to Dismiss Lawsuit by Dogecoin Buyers

Elon Musk, CEO of Tesla and Twitter, requested a U.S. decide on Friday to dismiss a $258 billion lawsuit alleging that he operated a pyramid scheme to advertise the meme cryptocurrency dogecoin (DOGE). The lawsuit, Johnson et al v. Musk et al, filed within the U.S. District Court docket for the Southern District of New York, alleges that Musk and his corporations, Tesla and Spacex, “falsely and deceptively declare that dogecoin is a professional funding when it has no worth in any respect.”

In a proper request filed Friday, Musk’s authorized workforce described the lawsuit introduced by dogecoin traders as a “fanciful work of fiction” regarding Musk’s “innocuous and infrequently foolish tweets” concerning the meme cryptocurrency. They argued that the traders didn’t make clear how Musk supposed to defraud anybody or what dangers he hid. In addition they argued that the Tesla CEO’s feedback — reminiscent of “Dogecoin Rulz” and “no highs, no lows, solely Doge” — had been too ambiguous to assist a fraud allegation.

Musk’s legal professionals detailed:

There’s nothing illegal about tweeting phrases of assist for, or humorous photos about, a professional cryptocurrency that continues to carry a market cap of practically $10 billion … This courtroom ought to put a cease to plaintiffs’ fantasy and dismiss the criticism.

Musk’s authorized workforce additionally disputed the DOGE traders’ assertion that dogecoin met the factors to be categorised as a safety. Whereas the chairman of the U.S. Securities and Trade Fee (SEC), Gary Gensler, has mentioned in a couple of interviews that every one crypto tokens, besides bitcoin, are securities, many individuals have argued that his opinion isn’t the regulation.

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Nonetheless, Evan Spencer, the lawyer representing the dogecoin traders, said in an e mail: “We’re extra assured than ever that our case shall be profitable.”

In response to the traders, Musk deliberately drove up the worth of dogecoin by over 36,000% over two years, solely to subsequently let it crash. They claimed that this resulted in billions of {dollars} in income for Musk whereas different dogecoin traders suffered, regardless of Musk being conscious that the meme cryptocurrency lacked any intrinsic worth. Moreover, the traders cited Musk’s look on Saturday Night time Stay, the place he portrayed a fictional monetary knowledgeable and referred to dogecoin as “a hustle.”

Regardless of the lawsuit, the Tesla and Twitter boss confirmed that he’ll proceed to purchase and assist DOGE. Musk is understood within the dogecoin group because the Dogefather. His electrical automotive firm, Tesla, accepts the meme crypto for some merchandise, and earlier this 12 months, he reaffirmed that he’ll eat a McDonald’s Blissful Meal on TV if the quick meals chain accepts funds in dogecoin.

Do you assume the decide ought to dismiss the lawsuit towards Elon Musk by dogecoin traders? Tell us within the feedback part under.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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New cryptocurrency GBTC hits 5M: What is Green Bitcoin, and why are traders backing it for its upside potential?

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New cryptocurrency GBTC hits 5M: What is Green Bitcoin, and why are traders backing it for its upside potential?
Newly rising Green Bitcoin recently crossed the $5 million milestone today as traders back the $GBTC token for huge upside potential due to its unique supply shock dynamics. The project intends to foster a flourishing blockchain full of activity through its predict-to-earn mechanism, allowing users to predict Bitcoin’s price and earn massive rewards.

With the presale rapidly progressing, the early adopter’s opportunity to get positioned at the lowest price is quickly running thin as the price consistently increases in the unique fundraising design.

Spotlight Wire

Green Bitcoin officially crossed the $5 million fundraising milestone, as traders back the predict-to-earn protocol for considerable gains in the coming weeks. The project has created a unique staking mechanism that allows users to place forecasts on the future price of Bitcoin to earn massive rewards scaled to their level of investment while earning staking rewards simultaneously.Green Bitcoin is being hailed as a greener alternative to Bitcoin. It combines Bitcoin’s legacy with Ethereum’s co-friendly proof-of-stake mechanism. As a result, Green Bitcoin has birthed an ecosystem tied to Bitcoin’s price through price predictions with no environmental impact.

The project intends for its blockchain to experience a high level of activity. Its users will consistently stake $GBTC to participate in the daily price contests and earn massive rewards. The price contests are rooted in the staking system, and the team will release new daily and weekly challenges based on Bitcoin’s price action to keep the content fresh.

What is Green Bitcoin, and how does it reward users for accurate price forecasts?

image2 (9)Spotlight Wire

Green Bitcoin introduces a novel staking ecosystem called Gamified Green Staking. This ecosystem allows users to stake $GBTC tokens to be eligible to place daily price predictions on Bitcoin’s value. Those who accurately place correct forecasts are proportionally rewarded from the daily mining rewards pool, scaled to their level of commitment to the ecosystem.Green Bitcoin pays homage to Bitcoin’s legacy. Its rewards are distributed to winners every ten minutes, in line with the original Bitcoin block schedule. Contestants can claim their accumulated rewards from the protocol once every 24 hours to keep transaction costs low. The team has allocated an enormous 27.5% of the entire $GBTC supply to provide the rewards for accurate predictions for the next two years.

image1 (11)Spotlight Wire

Users must lock their $GBTC into the Gamified Green Staking mechanism and submit their forecast before 11:30 PM EST to participate. At midnight, the smart contract will tally the day’s stakes against the actual price of Bitcoin and reward forecasts that land in the ‘Green Zone.’

As mentioned, the rewards earned depend on the level of investment made and the duration committed to the ecosystem. For example, those who have staked their $GBTC tokens in the Gamified Green Staking mechanism for more than a week are entitled to a 5% bonus on top of their regular daily rewards to recognise their extended commitment.

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Those staking their tokens while participating in the daily price contests also earn an APY reward on top of their holdings through daily passive staking. The staking currently provides a 110% APY return, further incentivising users to keep their $GBTC locked into the ecosystem.

Why are traders backing it for huge upside potential?

image5 (7)Spotlight Wire

Traders are quickly flocking to the presale, expecting upside potential for $GBTC due to its supply constraint dynamics.

Influential YouTubers ClayBro and Matthew Perryare backing the project with bullish views. They believe the unique staking system will cause $GBTC to surge following its exchange listing.

Users are required to stake their $GBTC into the ecosystem to participate in the price contests, so the tokens aren’t available for purchase on the open market. As a result, these experts predict that there might be a supply shock on centralised and decentralized exchanges as most $GBTC will be locked into the ecosystem.

Therefore, newcomers to $GBTC will likely be forced to pay higher prices to acquire the token and participate in the predict-to-earn ecosystem following the presale.

Investors are comparing the supply dynamics for Green Bitcoin as very similar to those of Bitcoin itself, which is currently experiencing a pre-halving rally ahead of its block reward cut. Both cryptocurrencies will likely experience massive supply shocks on the open market, causing prices to surge.

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How to buy $GBTC today

$GBTC can be purchased at presale prices through the project’s website. Green Bitcoin is utilising the Web3Payments gateway to ensure the safety and security of everybody investing.

  1. Go to the official $GBTC presale page.
  2. Fund your wallet with $ETH or $USDT and connect to the Web3Payments widget.
  3. Use the presale widget to swap your currency for $GBTC, entering the desired amount you wish to purchase.
  4. If you prefer plastic, order $GBTC tokens to your wallet using your credit/debit card.

Once purchased, your $GBTC will be automatically staked, allowing you to start earning a return on your investment throughout the presale stage. You can claim your $GBTC through the same portal when the token officially launches.

Overall, it’s unsurprising to see investors rushing to the $GBTC project, which, with its unique staking dynamics, is about to cause a supply shock on the open market, leading to much higher prices following the presale.

Buy $GBTC today.

Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is it responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.

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Grab users can now pay using cryptocurrency

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Grab users can now pay using cryptocurrency

Grab users can now pay in cryptocurrency following a partnership between the tech company and licensed payments provider Triple-A.

Under the partnership, Grab users can top up their GrabPay wallet via digital payment tokens, said a Grab spokesperson when MARKETING-INTERACTIVE reached out.

In addition, the new feature provides users with added flexibility and convenience as it allows them to convert their digital assets, such as stablecoins, into usable funds in their GrabPay wallets. 

Don’t miss: Grab tests new feature pairing female drivers with female passengers 

Some cryptocurrencies users can make payments with include Bitcoin, XSGD, Ethereum, USDC and USDT. 

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By expanding the top-up options to include digital payment tokens, Grab can now provide users with a seamless and efficient way to access the company’s wide range of services. 

The feature is currently only available in Singapore. That said, Grab will continue to monitor user adoption and respond to demand for such services, it said. 

This isn’t Grab’s first partnership with Triple A. In 2021, Triple A partnered with Grab to allow users to buy digital currencies via GrabPay through TransCrypt. 

“Grab recognises the growing interest in digital currencies, and our partnership with Triple-A demonstrates our openness to thoughtful collaborations in this space,” said Wong Wenbin, head of GrabPay, Grab Financial Group Singapore in 2021.

“Working with players such as Triple-A who are recognised by the regulator also affirms our commitment to widen our offerings for our users in a safe and measured way.” 

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Argentine Senate Passes Reform Creating Cryptocurrency Entities Registry

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Argentine Senate Passes Reform Creating Cryptocurrency Entities Registry

The Argentine Senate passed a law that creates a registry for any institution that offers cryptocurrency services in the country. The CNV, the Argentine securities enforcer, will manage this registry, which also establishes obligations for crypto companies to deliver personal information on their customers and other data to government entities. Argentine Senate Passes Crypto Anti-Money […]

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