Satoshi

Dogecoin

Rise

Elon Musk

<p><strong>Dogecoin investors are now accusing Musk of insider trading, triggering a legal battle.</strong></p>
<h2 style="text-align: center;" id="the-rise-of-dogecoin">The Rise of Dogecoin</h2>
<p>Musk&#8217;s fondness for Dogecoin, the first and leading <a href="https://walletinvestor.com/magazine/elon-musks-new-meme-tweet-pushes-pepe-54-up-whales-buy-trillions-of-pepe" target="_blank" rel="noopener">meme coin</a>, has been open and frequent. His tweets, his Twitter take-over, and replacing Twitter&#8217;s logo with Dogecoin’s symbol have driven the digital coin&#8217;s value upward.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Dogecoin Investors Accuse Elon Musk Of Insider Trading <a href="https://t.co/Ph5QsEGLFa">https://t.co/Ph5QsEGLFa</a> <a href="https://t.co/OOzXBepmmS">pic.twitter.com/OOzXBepmmS</a></p>
<p>— Jack (@arrowsmith) <a href="https://twitter.com/arrowsmith/status/1664345000409178128?ref_src=twsrc%5Etfw">June 1, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="facing-investor-wrath">Facing Investor Wrath</h2>
<p>Despite his influence on Dogecoin, Musk has encountered criticism. Previously, he managed to dismiss a colossal $238 billion lawsuit claiming that he falsely boosted Dogecoin&#8217;s value. Now, he faces <a href="https://www.reuters.com/legal/elon-musk-is-accused-insider-trading-by-investors-dogecoin-lawsuit-2023-06-01/" target="_blank" rel="noopener">fresh</a> insider trading accusations from Dogecoin investors in a class-action lawsuit.</p>
<p>The lawsuit was filed in Manhattan federal court, stating Musk benefited from his online activities, appearances on TV shows, and other actions that were believed to affect Dogecoin’s price. The plaintiffs also claimed that Musk and Tesla profited via various cryptocurrency wallets owned by them.</p>
<h2 style="text-align: center;" id="amendments-in-lawsuit">Amendments in Lawsuit</h2>
<p>Musk also faced accusations of selling Dogecoin worth $124 million when he swapped the Twitter logo with Dogecoin’s. His action resulted in a significant increase in the digital coin&#8217;s value.</p>
<p>The investors are amending the lawsuit, alleging securities fraud due to Musk&#8217;s deliberate manipulation of the market and insider trading. They&#8217;re also making claims that Dogecoin should be recognized as a security as per U.S. Securities and Exchange Commission standards.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/ElonMusk?src=hash&amp;ref_src=twsrc%5Etfw">#ElonMusk</a> has become the subject of accusations of insider <a href="https://twitter.com/hashtag/trading?src=hash&amp;ref_src=twsrc%5Etfw">#trading</a> in a class-action lawsuit 👀</p>
<p>🚨They accuse him of manipulating the price of the <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> token</p>
<p>According to the investors, Elon sold <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> for $124M after changing his <a href="https://twitter.com/hashtag/Twitter?src=hash&amp;ref_src=twsrc%5Etfw">#Twitter</a> logo to the <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> logo🤯</p>
<p>— Satoshi Talks (@Satoshi_Talks) <a href="https://twitter.com/Satoshi_Talks/status/1664570047556382721?ref_src=twsrc%5Etfw">June 2, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="effect-on-ordinary-investors">Effect on Ordinary Investors</h2>
<p>The complaint suggests that Musk’s influential position was used to manipulate the cryptocurrency market, consequently leading to personal profits while adversely affecting other investors.<br />
In response to the lawsuit, Musk&#8217;s stance has been that his supportive tweets and the logo change were innocuous and not fraudulent.</p>
<h2 style="text-align: center;" id="conclusion">Conclusion</h2>
<p>Musk, the Tesla CEO, now faces serious legal accusations from Dogecoin investors. Accusations range from insider trading, market manipulation to securities fraud. With the case ongoing, all eyes are on the court&#8217;s verdict and its potential repercussions on the cryptocurrency world.</p>

Dogecoin Holders Bring Elon Musk Before Court for Inside Trading

Table of Contents

WalletInvestor

Other articles published on Jun 9, 2023

Republicans and Democrats to jointly discuss stablecoin bill

Exciting news! DeHeroGame Elevates Gameplay Experience with Updated Art Style!

Solana Battles Regulatory Challenges: What’s Next

Binance US Halts USD Deposits, Banks to Pause Withdrawals Amid SEC Lawsuit

Elon’s Dogecoin (DOGE) Losses Holders to Uwerx (WERX) – Here’s Why

Curve Founder Michael Egorov Sued by Top VC ParaFi, Framework Ventures, and 1kx

Join our free newsletter for daily crypto updates!