HomeNewsCrypto Controversy: Elon Musk Refutes Dogecoin Wallet Ownership Amid Insider Trading Lawsuit...

Crypto Controversy: Elon Musk Refutes Dogecoin Wallet Ownership Amid Insider Trading Lawsuit – The Quest for the Keys to the Crypto Kingdom Continues

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  • Tesla CEO, Elon Musk, rejects claims that he owns crypto wallets allegedly involved in suspicious Dogecoin trades.
  • These allegations come amidst a class-action lawsuit accusing Musk of manipulating Dogecoin for personal gain.

Elon Musk, the billionaire chief executive officer of Tesla, has rebuffed allegations that he owns certain crypto wallets supposedly involved in questionable Dogecoin trading activity. This development follows an ongoing class-action lawsuit accusing him of artfully manipulating the meme-based cryptocurrency for his own advantage, according to a letter perused by The Post.

Engaged in a year-long legal wrangling over the purported pump-and-dump scheme, Musk is alleged to have profited a hefty $95 million from Dogecoin transactions. An amended complaint, lodged on June 7 in a Manhattan federal court, is the third in a series of filings that tie Musk and Tesla to suspicious trades enacted between April 3 and April 6.

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This controversial period saw a 30% surge in the cryptocurrency’s value—from $0.07705 to $0.10109—following Twitter’s replacement of its blue bird logo with Dogecoin’s Shiba Inu symbol. Elon Musk’s business, Tesla, is a prominent stakeholder in Twitter.

Musk’s legal counsel, Alex Spiro, has robustly challenged these claims, arguing against the lawsuit’s premise and its accusing attorney, Evan Spencer. In a recent letter, Spiro said,

“You specifically allege, without basis, that the following wallets ‘belong’ to Defendants. You are wrong.”

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The crux of Spencer’s argument is that these wallets sold Dogecoin when its prices were appreciating, as highlighted in the third amended complaint. The basis for Musk’s alleged wallet ownership is a tweet he posted on February 10, 2021, stating a purchase of 28.061971 Dogecoin—an ostensible nod to Musk’s birth date, June 28, 1971. This transaction was mirrored in the wallet, as per the complaint.

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The lawsuit asserts that Musk’s supposed wallet, at its peak, held over $25 billion in Dogecoin. With Spiro’s official response to the latest filing expected by August, the lawsuit’s intricacies continue to unravel. As for Spencer, his faith in the lawsuit’s success remains unshaken. He declared,

“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.”

Musk, however, has declined to comment on the matter.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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