Elon Musk, the CEO of Tesla, has recently refuted allegations of being a major holder of dogecoin (DOGE) in a lawsuit that accuses him of participating in pump-and-dump schemes involving the meme-based cryptocurrency. It is claimed that these activities have caused harm to retail investors. In response, Musk’s attorney, Alex Spiro, has conveyed in a written statement to the plaintiff’s lawyer that the allegations of Musk owning specific wallets lack any foundation and firmly asserts that the plaintiffs’ claims are unfounded.
Musk’s legal representative disputes the connection between Tesla Executive and Dogecoin Whale Wallets
In early June 2023, Elon Musk, the head of Tesla, found himself facing fresh allegations of insider trading in a lawsuit that accuses him of engaging in pump-and-dump activities with dogecoin (DOGE). The attorneys representing the plaintiffs argue that Musk’s alteration of the Twitter logo, replacing it with the Dogecoin logo, was part of his alleged scheme. However, the New York Post has obtained a letter from Musk’s attorney, Alex Spiro, countering the portrayal of Musk as the supposed DOGE whale by the accusers.
Spiro’s letter to the plaintiff’s lawyer, Evan Spencer, disputes the claim that the following wallets “belong” to the defendants, stating, “You are wrong. The sole basis for your claim is that these wallets sold dogecoin at a time when, according to the third amended complaint, prices were up.”
In April, Musk’s legal team sought the dismissal of the case, arguing that there was no wrongdoing in promoting a legitimate currency through tweets. The plaintiffs, who filed the case in June 2022, assert that Musk is involved in a “crypto pyramid scheme” with DOGE. The initial complaint alleges that the plaintiffs and the class have suffered losses of approximately $86 billion in this supposed crypto pyramid scheme.
Upon reviewing Musk’s attorney’s letter, the New York Post quoted the plaintiff’s lawyer, Spencer, who stated, “This case will be fought in court, not the media. The plaintiffs and I are more confident than ever that the case will be successful.”
What are your thoughts on the allegations against Elon Musk in the dogecoin lawsuit? Feel free to share your opinions and thoughts on this matter in the comments section below.
Frequently Asked Questions (FAQs) about Dogecoin lawsuit
What are the allegations against Elon Musk in the dogecoin lawsuit?
Elon Musk is accused of engaging in pump-and-dump activities with dogecoin (DOGE), a meme-based cryptocurrency, which allegedly harmed retail investors. The lawsuit claims that Musk was a major holder of DOGE and participated in insider trading.
How does Elon Musk respond to these allegations?
Elon Musk denies being a dogecoin whale and refutes the claim that he owns specific wallets associated with DOGE. His attorney asserts that the allegations are baseless and states that the plaintiffs are wrong in connecting Musk to the alleged wallets.
What is the basis of the lawsuit against Elon Musk?
The lawsuit alleges that Elon Musk’s actions, including changing the Twitter logo to the Dogecoin logo, were part of a pump-and-dump scheme involving DOGE. The plaintiffs claim that Musk’s activities caused significant financial losses for investors, amounting to approximately $86 billion.
Has Elon Musk’s legal team tried to dismiss the case?
Yes, in April, Elon Musk’s legal team sought to have the case dismissed. They argued that there was no wrongdoing in promoting a legitimate currency through tweets. However, the case is still ongoing, and the plaintiffs remain confident in its success.
What is the response from the plaintiff’s lawyer?
The plaintiff’s lawyer, Evan Spencer, has stated that the case will be fought in court, not in the media. He expresses confidence that the case will be successful and refrains from further comment on the matter outside of the courtroom.
More about Dogecoin lawsuit
- Tesla’s Elon Musk Denies Dogecoin Whale Allegations, Attorney Challenges Wallet Associations
- Elon Musk Denies Being Dogecoin Whale in Lawsuit
- Elon Musk Faces Lawsuit Alleging Pump-and-Dump Scheme with Dogecoin
- Elon Musk’s Legal Team Seeks Dismissal of Dogecoin Lawsuit
- Plaintiffs Confident in Dogecoin Lawsuit Against Elon Musk