Who’s Behind the DOGE Price Surge?
In a class-action lawsuit accusing Elon Musk of manipulating Dogecoin, the billionaire Tesla CEO has denied owning the crypto wallets allegedly involved in questionable trades.
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Musk denied the accusations made against him in the amended complaint filed on June 7 in Manhattan federal court. The complaint linked digital wallets, purportedly belonging to Musk and Tesla, to transactions that occurred between April 3 and April 6, during which time Musk changed his Twitter logo to the Dogecoin Shiba Inu symbol.
Following this logo switch, the cryptocurrency’s value surged by 30%. However, Musk’s lawyer, Alex Spiro, vehemently disputed the assertions made in the complaint and questioned the competency of the plaintiff’s lawyer, Evan Spencer:
“You specifically allege, without basis, that the following wallets ‘belong’ to Defendant (Elon Musk). You are wrong.”
“The sole basis for your claim is that these wallets sold Dogecoin at a time when prices were up.”
The complaint alleges that Musk’s wallet held over $25 billion in Dogecoin at its highest value. The lawyer has until August to respond to the latest filing.
Spencer expressed confidence in the success of the case but emphasized that it would be fought in court rather than through the media. Musk declined to comment on the matter.
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