Elon Musk, the CEO of Tesla and SpaceX, was sued for $258 billion by a [Dogecoin](/coins/doge) investor on Thursday, alleging him of operating a pyramid scheme to support the cryptocurrency.
 
Plaintiff Keith Johnson filed a case in federal court in Manhattan accusing Musk, electric vehicle firm Tesla Inc, and space tourism company SpaceX of racketeering for promoting Dogecoin and pushing up its price, only to see it plummet.
 
## Plaintiff Keith Johnson's Statement

"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading," 

"Musk used his pedestal as World's Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement."
 
According to the complaint, Warren Buffett, Bill Gates, and others have [questioned the worth of Bitcoin](https://news.sky.com/story/elon-musk-sued-for-258bn-over-claims-he-ran-a-pyramid-scheme-to-promote-dogecoin-12635334). Tesla, SpaceX, and Musk's lawyer did not immediately respond to the request for comment.

Johnson's lawyer did not reply to requests for comment on what proof his client has or expects to have that indicates the dog focused meme coins worthless, and the defendants conducted a pyramid scheme.

Johnson is claiming $86 billion in damages, which he claims represents the fall in Dogecoin's market value since May 2021 and wants it tripled. He also demanded Elon Musk and his firms be barred from marketing Dogecoin, and a judge to decide that trading Dogecoin is illegal under federal and New York law.

According to the lawsuit, the selloff of Dogecoin began around the time Musk presented the NBC show ‘Saturday Night Live’ and, playing a fictitious financial expert on a ‘Weekend Update’ segment, called cryptocurrency "a hustle." Tesla said in February 2021 that it had purchased $1.5 billion in bitcoin and had temporarily accepted it as payment for vehicles.

Dogecoin was trading at around 5.8 cents on Thursday, down from its top of almost 74 cents in May 2021.




Elon Musk Dogecoin debacle: The ‘Dogefather’ sued for $258bn 

[Lucky Block](https://luckyblock.com/) has introduced a new concept into the crypto finance space. As an area that has contributed immensely to the creation of crypto casinos for people who love to gamble with cryptocurrency, Lucky Block is the latest project in gaming finance ([GameFi](/news/category/gamefi)).

As an easy-to-use protocol, Lucky Block has employed the features of blockchain technology to develop a decentralised lottery system. Like crypto casinos, there are no centralised financial institutions (traditional banks, insurance companies, and clearinghouses).
The Lucky Block project aims to solve various problems that have mired the current centralised gaming systems, such as delayed payouts, on-demand liquidity problems, and security.

With more than 19,000 crypto projects circulating in the market, as of June 2022, Lucky Block has much catching up to do. Fortunately, unique innovations jump several queues within a short period, and Lucky Block could gain popularity fast with the launch of many events.
With a cryptocurrency attached to the project, called LBLOCK, available on the market, will LBLOCK and the entire Lucky Block project survive?

## What is Lucky Block (LBLOCK)? 

Launched in January 2022, Lucky Block is a blockchain-based lottery protocol housed in the Binance Smart Chain (BSC). The primary purpose of Lucky Block is to improve transparency and fairness in the electronic gaming world by creating a system where every player has an equal opportunity of winning.

The project has a massive team behind its continuous development. London-based Scott Ryder serves as the Chief Executive Officer. Its native asset, LBLOCK, serves as the token that oversees transactions on the Lucky Block protocol.

LBLOCK is also the ticker symbol Lucky Block’s ecosystem is associated with on exchanges such as PancakeSwap.

At the launch of the project, a total of 100 billion LBLOCK tokens were distributed.
As of Tuesday, June 14, 2022, there were around 40.77 billion tokens in circulation. This means that more than 50% of LBLOCKs are still available for purchase.

## How does Lucky Block work? 

Currently, thanks to the use of digital currencies and crypto wallets, it has become easy to use casinos. This is because you only need an internet connection and a cryptocurrency supported by a crypto casino to wager, stake, or bet on sports as well as gaming products designed by the gaming platforms.

Lucky Block has introduced a concept that differs from crypto casinos.
If you are an LBLOCK holder, you can decide whether or not to take part in a periodical jackpot by locking some of your tokens.

Lucky Block launched its first jackpot on May 31, 2022. The prize was $1 million and the total number of tickets purchased was 873,541.

## How does Lucky Block's lottery, or jackpot, work?

Per the terms of transactional taxes in the project's whitepaper, 1% of transactions will be burned, 3% will be put into non-fungible tokens (NFT) and gaming royalty funds, 4% will be deposited into liquidity pools, and 4% of fees will be placed into a lottery (jackpot) pool.
So far six (6) lotteries have taken place. The winner takes home 70% of the jackpot.
Out of the remaining 30%, 10% is redistributed to LBLOCK holders depending on the size of their holdings. Another 10% goes into marketing, and the remaining 10% is deposited into a charity fund.

Draws were also made on June 6, with prize money of $42,714, and 473,525 tickets were purchased, and on June 10, when the prize money was $5,000 and 516,333 were purchased.

## Is Lucky Block (LBLOCK) a Good Investment?

Lucky Block can be considered a good investment based on the price forecast made by experts at the technical analysis-backed portal, Digital Coin Price, and Price Prediction.net.
According to Price Prediction.net, LBLOCK could command a minimum price of $0.001 and a maximum price of $0.002 by the end of 2022.

The cryptocurrency shed more than half its peak market value in November 2021, so consider risks and rewards before investing in LBLOCK.

That said, LBLOCK is exchanging hands for $0.0009954 and can be considered a low barrier to entering the crypto trading market.

With $100, you could buy around 100,462 LBLOCKs, and see how much in rewards the tokens could bring you in the short, medium, or long term.


Lucky Block Crypto: What Is It?

On Wednesday, the U.S. federal reserve raised its interest rates by 75 basis points. It's the highest rate increase in 28 years, and it's part of a larger attempt to combat rising inflation, which has roiled the economy and markets, from stocks and bonds to cryptocurrencies.

According to a [statement (https://www.federalreserve.gov/monetarypolicy/files/monetary20220615a1.pdf) released by the Federal Open Market Committee (FOMC), which determines the Fed's monetary policy, the central bank will continue to shrink its balance sheet at the rate stated in May.

According to the Fed, the Fed Funds rate, which is the rate at which commercial banks can borrow and lend their excess reserves to one another overnight, would climb to a range of 1.5 percent -1.75 percent. According to Goldman Sachs, bond traders are pricing in a range of 3.25 percent to 3.5 percent by the end of the year, signalling an extremely quick and severe pace of monetary tightening.

## Bitcoin Skyrockets

After the announcement from the Fed crypto immediately reacted to the news. Following the news, bitcoin skyrocketed, hitting values above $21,000. It has bounced back from an 18-month low. Following a volatile week, altcoins like Solana and Cardano saw double-digit gains.

Ripple and BNB both increased by 9.8% and 7.4%, respectively, while [Dogecoin](/coins/doge), Polkadot, and Avalanche all had a double-digit short-term rise. They each gained 13.73 percent, 11.26 percent, and 14.59 percent.

At the same time, the price of Ethereum (ETH) increased by 6% to USD 1,180. Stocks followed suit, with the broad S&P 500 index climbing 0.17 percent in the first hour after the news was released.

According to CoinMarketCap, global capitalization increased by roughly 4% to $ 950 billion.

## Final Thoughts on the Fed Crypto impact

According to crypto experts, the stock and crypto markets will remain turbulent in the near future due to concerns about inflation, the Russia-Ukraine war, and rising oil costs.




U.S. Fed crypto interest rate hike causes surge

## What is tax?

To have a clear insight into what this article is about, you first have to understand the meaning of tax. 
Tax is a mandatory contribution imposed on individuals or corporations by a government entity, and these contributions are used to finance government activities.
The government does not regulate the crypto space in the UK, so how is a crypto investor obliged to pay taxes? This is a common question on the internet. 

Crypto is generally not considered by the government as a form of money. Cryptocurrency is, in fact, a digital currency that came to light around 2008/2009. There was little or no regard for it then, as people considered it as an avenue for internet crimes. Currently, the crypto market has been known to generate millions of pounds and is sure to create awareness. Bitcoin is the cryptocurrency that made the crypto space as famous as it is now. Bitcoin is the largest cryptocurrency, with a price of about $30,000.

## Do you pay tax on crypto gains in the UK?

The answer to this question is yes, but it depends on how the crypto assets are used. The regulations guiding the crypto space are still firm as cryptocurrency is not a generally accepted form of money, but that doesn’t stop a crypto investor from paying taxes in the UK. 

According to the UK tax law, you are eligible to pay tax as long as you earn up to £12,300. However, transactions done in the crypto space are mostly untraceable, so how can the government tell If your profit is up to £12,300. 

Without the crypto space being regulated, as long as you make up to the approved amount for paying tax, you are liable to pay capital gains tax, but without any close monitoring from a government body, most people flaunt this tax law. 

By law, as long as you fall into any of these categories, you are liable to pay crypto tax gains.

•	If your employer pays your salary with cryptocurrency: Though transactions done with cryptocurrency cannot be traced, as long as the company you work for is registered, you must record payments made to you. This makes it easier for the government to be aware of your cryptocurrency activity. 
•	If your business is backed by cryptocurrency: This also applies to cryptocurrency companies based in the UK. If your registered business is connected to cryptocurrency, you are liable to pay tax. 
•	If you mine crypto: crypto mining, especially Bitcoin, requires a high energy level. If you are a crypto miner, you are eligible to pay tax.
•	If you trade crypto: if you trade crypto in the UK and make good profits, you should pay tax.

Some companies or individuals backed by cryptocurrency often hide under the fact that the crypto space isn’t regulated, but the thing is, the law always finds its way around things, and they are also likely to fall out of luck in the future. 

## The question is, Do you pay tax on crypto gains UK?

It is a well-expected question considering the unregulated nature of crypto and the fact that most people see crypto investment as gambling since it is an unpredictable space. However, unlike what some individuals or corporations may assume, [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs) does not classify cryptocurrency as gambling. Therefore, as long as there is profit, paying tax is required. 

## What Are the tax rates?

Tax rates depend on the type of assets and are not permanent. The rates can change each year, so to avoid defaulting in any way, monitor the rates at all times. 

•	For shares, you are required to pay a basic rate of 10%
•	Residential properties require a basic rate of 18%
•	Cryptocurrency requires a basic rate of 10%

## Conclusion 

Paying tax to the government if you make a profit is highly mandatory. So whether the crypto space is regulated or not, taxes must be paid. Though the crypto space is volatile and maybe seem like gambling, it does not exempt a crypto trader from paying taxes in the UK. 




Do you pay tax on crypto gains in the UK?

Recent Coinbase [news about lay-offs](https://edition.cnn.com/2022/06/14/investing/coinbase-layoffs-bitcoin-crypto/index.html) came as no surprise and confirmed the fact that even the most prominent players can go through a panic attack enhanced by the current happenings within the cryptocurrency industry.

Brian Armstrong, the CEO of the cryptocurrency exchange Coinbase, confirmed laying off over 1,000 employees, warning of an imminent recession and “crypto winter”. 
In his note, Armstrong confirmed the company went on an unnecessary hiring spree during the recent price boom in this sector. 

“We grew too quickly. While we tried our best to get this just right, in this case it is now clear to me that we over-hired,” he admitted.

Armstrong also asserted he did hold numerous talks with the company’s management during the last few days and that they decided that laying off was the only possible decision. 

“We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter and could last for an extended period,” Armstrong wrote in the note to employees, adding that due to quadruple growth in the last 18 months, the company’s employee costs became “too high" to manage this uncertain market effectively.

Laid-off employees were promised a minimum of 14 weeks of compensation, four months of health insurance, including four months of mental health support, and access to Talent Hub, where they can access other open positions at other companies.

The situation escalated after the now-infamous digital lending platform [Celsius Network halted all of its operations](/news/article/celsius-crypto-freezes-withdrawals), including withdrawals, swaps, and transfers.
According to the last information, Celsius reportedly hired restructuring lawyers to advise on possible solutions to its bumpy financial situation.

## Other Crypto Companies Struggle

During the last few days, some other companies within the industry also have resorted to layoffs. One of the biggest exchanges Gemini laid around 10% of its workforce earlier in June, while banking app Curve fired around 100 employees after it reported an operating loss of £37.9 million. Cryptocurrency exchange and wallet BlockFi also confirmed firing approximately 20% of its workforce due to “the challenging market environment”.

On the other hand, Binance CEO Changpeng Zhao stated a potential forthcoming crisis could actually be good for business.

“It’s not the first time we’ve gone through a crypto winter. If we are in a crypto winter, it would be my third and Binance's second. So it's not the first time we’ve been through this,” CZ said.

He added that his company plans to hire more people since “during bull markets, everyone is starting their own projects, and everyone is getting paid a ridiculous amount of compensation. Now the markets are more balanced, so top talents are available, and we want to hire them,” he concluded.

Coinbase, which went public last year with share prices hovering around the $350 mark, has lost its momentum and was trading at nearly $49 per share pre-market at the time of writing.


Coinbase News: Over 1,000 Employees Laid Off

Crypto impact has been felt by millions of people ever since Satoshi Nakamoto introduced a blockchain-backed cryptocurrency in 2009. Thanks to the impact cryptocurrencies had on investors' portfolios in 2021, digital assets have established themselves as a successful currency since they have all the essential attributes (durability, utility, non-counterfeitability, transferability, divisibility, and scarcity) that confer value on money.

The economic impact of digital assets has been seen in several areas in national and global communities. As of June 2022, there are approximately 19,000 coins, per data retrieved from CoinMarketCap. There are approximately 300 million crypto users across the globe. Of these, 27 million are residents of the United States, according to Triple A (a member of the Singapore Fintech Association). What’s more, 1.5 million are residents of the United Kingdom, 1.2 million hail from Canada, 900,000 are in Australia, and more than 2 million are in Japan.

Although cryptocurrency started slow and could not impact a large sector of the global economy like the stock market in its first 10 years of existence, it saw hundreds of billions of dollars traded in the following years.

From the second half of 2020 to June 2022, cryptocurrencies have become the go-to asset for several investors who want to make gains in the short, medium, and long term.

The most popular and largest cryptocurrency by market capitalisation, [Bitcoin (BTC)](/coins/btc), is considered digital gold by many market commentators because it can retain its value over time without depreciating.
It has simplified several areas of payments and continues to break barriers in an area largely dominated by centralized finances in the last 50 years.

Here are some of crypto’s impacts on the global economy.

## Crypto Impact on Global Economy Through Blockchain 

Blockchain technology is the underlying infrastructure behind cryptocurrency. Blockchain technology has gradually moved into the mainstream and has been adopted by several Fortune 500 companies.

Many market experts believe blockchain technology has the potential to unlock billions of dollars. Companies actively developing blockchain solutions include but are not limited to the Bank of China, Samsung, PayPal, Alibaba, Walmart, J.P. Morgan, Nvidia, Tencent, Amazon, and Microsoft.

Overall, blockchain has impacted several financial institutions' cross-border transactions. Countries such as Ethiopia, in partnership with Cardano, are using blockchain to reduce paperwork by building a national identification (ID) blockchain system.

Cloud computing companies are using blockchain for the execution of smart contracts as well as resistance against hacking.

Text messaging applications have employed the possibilities of this technology due to its secure nature.
Overall, International Business Machine Corporation (IBM) believes blockchain technology has increased automation, speed, and efficiency. It provides instant traceability, greater transparency, and enhances security.

## Crypto Impact on the Job Markets 

The rise of Bitcoin and cryptocurrency has created new job opportunities. In hiring more support workers, the crypto industry offers careers in marketing, management, IT operations and helpdesk, human resources, finance, accounting, sales, information design and documentation, industrial engineering, and software development.

Every year, thousands of jobs are posted with "remote work" first options available to prospects. Most importantly, companies under the blockchain technology and crypto umbrella pay above-market compensation to their employees.

As crypto continues to make the underbanked and unbanked a part of the global economic system and gains the support of millions of people in the mainstream, more liquidity will be poured into this sector.
Once this happens, new job opportunities will be created, giving residents in unemployed economies a chance to earn a decent income periodically.

## Crypto Impact on Unstable Domestic Currencies 

Although fiat currencies are known as representative money, they have gained the confidence of billions of people over time.

Due to the success of the Great Britain Pound (GBP), Euro (EUR), and the United States Dollar (USD), they have become the go-to currencies for trade.

This has brought about terms such as exchange rates, currency appreciation, and currency depreciation.
While countries in Africa, Asia, and the Middle East convert huge sums of money for less USD, EUR, and GBP, developed economies can go about foreign trade in their domestic currencies. Cryptocurrencies have leveled the playing field and makes it possible for all countries to trade under one accepted currency that is not controlled by a single country.

This is why countries such as El Salvador of Central America and the Central African Republic (CAR) have adopted Bitcoin as their official currency. With time, the impact of cryptocurrency on economies is going to be significant.

## Crypto Impact on Low Transaction Costs 

When money is sent from one location to the other, it must go through several channels before reaching the receiver. This normally comes with hidden fees unknown to the public. With cryptocurrencies, you can send and receive money via the internet and pay little in transaction fees.

Moreover, cryptocurrencies such as Ripple (XRP) and Stellar (XLM) play a substantial role in cross-border payments.
They are used as on-demand liquidity (ODL), which facilitates transactions within seconds to anywhere on the globe.

This is why mainstream financial services companies such as Flutterwave, MoneyGram, and Azimo employ these cryptocurrencies to become the best cross-border payment solution networks.
Crypto’s impact on the transparency of payment costs has made it easy for independent contractors (freelancers) and migrants to receive and send money to remote areas without losing more than 10% of the sent funds to fees.

Overall, the impact of cryptocurrency on the global world cannot be fully measured. It has become easy for all manner of persons to conduct legitimate business without facing any form of restrictions. Entrepreneurs can go into business and pay clients within minutes. Despite cutoffs due to crypto winter, people continue to find jobs. Trading crypto continues to impact millions of people positively since it brings them consist


Latest Moni

Crypto Business News | Page 18

Read the latest crypto business and market news from around the world.

Elon Musk Dogecoin debacle: The ‘Dogefather’ sued for $258bn

Lucky Block Crypto: What Is It?

U.S. Fed crypto interest rate hike causes surge

Do you pay tax on crypto gains in the UK?

Coinbase News: Over 1,000 Employees Laid Off

Crypto Impact on the Financial Markets

Zipmex Gets 3-Month Creditor Protection

Reddit Crypto Exchange Partnership with FTX

Polkadot blockchain and altcoin explained