June 17, 2023 12:46 PM | 2 min learn
Tesla CEO Elon Musk has denied proudly owning Dogecoin (CRYPTO: DOGE), in response to a lawsuit accusing him of worth manipulation involving the meme-based cryptocurrency.
The New York Submit reported on Thursday that Musk’s lawyer Alex Spiro mentioned that allegations that his consumer and Tesla personal Dogecoin wallets are incorrect and baseless.
In a letter reviewed by the Submit, Spiro mentioned that the proof towards Musk and his firm is circumstantial.
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“The only real foundation in your declare is that these wallets offered Dogecoin at a time when, in keeping with the Third Amended Criticism, costs had been up,” he wrote to the plaintiff’s lawyer Evan Spencer.
“You particularly allege, with out foundation, that the next wallets ‘belong’ to Defendants,” Spiro added. “You might be improper.”
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Additionally Learn: Elon Musk Says Dogecoin Should Be ‘More Currency-Like,’ Responds To Billy Markus On Crypto’s Future
Musk faces a proposed $258 million class motion lawsuit accusing him of insider buying and selling and manipulating Dogecoin.
The amended criticism offered proof of Musk’s possession of the disputed pockets by citing a tweet he posted on Feb. 10, 2021, when he overtly declared his acquisition of 28.061971 value of Dogecoin.
Accusing Musk of exploiting Dogecoin for private acquire, traders declare that he did so by tweeting, utilizing paid influencers, and appearing on “Saturday Night Live” on Might 8, 2021 all whereas utilizing wallets managed by himself or Tesla.
The lawsuit additionally highlights Musk’s April sale of roughly $124 million value of Dogecoin. The sale coincided with Musk’s replacement of Twitter’s logo with Dogecoin’s iconic Shiba Inu brand. The cryptocurrency spiked 30% shortly after the brand swap — from $0.07705 to $0.10109.
Buyers additionally say that Musk knowingly manipulated the market, engaged in insider buying and selling, and deceived them whereas advancing his repute and his firms’ pursuits.
On the time of writing, Dogecoin was buying and selling at $0.06244, up by 6% within the final seven days.
Now Learn: Elon Musk Does It Again! Endorses Dogecoin, Says He’ll Keep Buying The Meme Coin
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