Skip to main content

Teslas Elon Musk Denies Dogecoin Whale Allegations Attorney Challenges Wallet Associations

Tesla's Elon Musk Denies Dogecoin Whale Allegations, Attorney Challenges Wallet Associations

According to a recent letter viewed by the press, Elon Musk denies being a dogecoin (DOGE) whale in the lawsuit that accuses the Tesla executive of engaging in pump-and-dump activities with the meme coin token, which allegedly harmed retail investors. Musk’s attorney, Alex Spiro, stated in a written communication to the plaintiff’s lawyer that the claim of Musk owning specific wallets is “without basis” and he firmly asserts the plaintiffs “are wrong.”

Musk’s Lawyer Claims Plaintiffs Are Wrong to Tether the Tesla Exec to Dogecoin Whale Wallets

In early June 2023, Elon Musk of Tesla faced new allegations of insider trading in a lawsuit that accuses him of engaging in pump-and-dump activities with dogecoin (DOGE). The lawyers representing the plaintiffs claim that Musk’s change of the Twitter logo from the blue bird to the Dogecoin logo was a part of his purported scheme. Nevertheless, the New York Post has obtained a letter from Musk’s attorney, Alex Spiro, which argues that Musk is not the alleged DOGE whale that the accusers are portraying him to be.

“You specifically allege, without basis, that the following wallets ‘belong’ to defendants,” Spiro’s missive to the plaintiff’s lawyer Evan Spencer. “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,” Spiro’s letter adds.

In April, Musk’s legal team sought to have the case dismissed, contending that there was no wrongdoing in tweeting about a legitimate currency. The plaintiffs, who filed the case in June 2022, maintain that Musk is involved in a “crypto pyramid scheme” with DOGE. The initial complaint alleges that the “plaintiffs and the class have lost approximately $86 billion in this crypto pyramid scheme.”

Upon reviewing the letter from Musk’s attorney, the New York Post quoted the plaintiff’s lawyer, Spencer. In a statement provided to the Post, Spencer remarked, “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? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/x8ufeis
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more