In a recent development surrounding the million-dollar class action lawsuit against Elon Musk for alleged insider trading of cryptocurrency Dogecoin, his lawyer, Alex Spiro, has clarified that Musk does not own any Dogecoin wallets that were part of price manipulation. The suit claims that he manipulated the price of Dogecoin and cashed out $95 million through a pump-and-dump scheme.
Elon Musk’s promotion of Dogecoin on his widely followed Twitter account led many to believe that the billionaire entrepreneur indeed held the cryptocurrency. The proceedings highlight specific Dogecoin wallets that benefitted from Musk’s tweets between April 3rd, 2023, and April 9th, 2023.
On April 3rd, 2023, Musk changed the popular Twitter bird logo to the Dogecoin symbol – a Shiba Inu dog – resulting in a 25% increase in the cryptocurrency’s price in a single day. However, during court proceedings, Spiro condemned the plaintiff’s lawyer for assuming that the wallets in question belonged to Musk. He stated that the sole basis for the lawsuit, which identifies these wallets as belonging to the defendant, is incorrect.
Contrary to what some popular publishers have reported, Elon Musk likely owns some Dogecoin, but not the wallets accused of insider trading. According to Spiro, Musk may have other wallets that were not part of the alleged pump-and-dump scheme. Indeed, there have been instances where Musk has openly admitted to holding Dogecoin. In October 2021, he revealed in a tweet that he owned Bitcoin, Ethereum, and Dogecoin.
It is crucial to consider the difference between Musk’s ownership of Dogecoin and his alleged involvement in price manipulation using particular wallets. While the media has portrayed this as Elon Musk not “owning Dogecoin,” the fact twisting may lead to unnecessary fear, uncertainty, and doubt (FUD) among crypto enthusiasts.
The blockchain community should be aware of the ongoing legal proceedings, and interested parties should rely on accurate information to better understand the implications of Musk’s potential involvement in Dogecoin price manipulation. As the case unfolds, we will keep our readers updated on any identified Dogecoin wallets associated with the Tesla CEO.
In conclusion, while the lawsuit against Elon Musk adds skepticism to the world of cryptocurrencies and their potential for manipulation, it is essential to examine the facts and maintain a balanced view of this rapidly evolving domain. Keep in mind that investing in cryptocurrencies requires thorough market research, as the author or publication holds no responsibility for potential financial losses.
Source: Coingape
