A man has sued Elon Musk, SpaceX and Tesla Inc. for $258 billion over accusations that they partook in a racketeering scheme in order to back Dogecoin.

Keith Johnson, “an American citizen who was defrauded out of money by defendants’ Dogecoin Crypto Pyramid Scheme,” sued Musk personally along with his companies, because they allegedly formed an illegal racketeering enterprise to deliberately inflate Dogecoin’s price.

In his formal complaint, Johnson said:

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all.”

His aim is to represent many people who have lost money from trading in Dogecoin since April 2019. He demands $86 billion in damages, along with triple damages of $172 billion. He further demands that Musk and his companies are blocked from promoting Dogecoin, claiming that trading in the cryptocurrency constitutes gambling under U.S. and New York law.

Musk and representatives of his companies did not comment on the lawsuit.

[Based on reporting by: Fortune]

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