Dogecoin Holders Bring Elon Musk Before Court for Inside Trading

Jun 2, 2023

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Dogecoin investors are now accusing Musk of insider trading, triggering a legal battle.

The Rise of Dogecoin

Musk’s fondness for Dogecoin, the first and leading meme coin, has been open and frequent. His tweets, his Twitter take-over, and replacing Twitter’s logo with Dogecoin’s symbol have driven the digital coin’s value upward.

Dogecoin Investors Accuse Elon Musk Of Insider Trading

— Jack (@arrowsmith)

Facing Investor Wrath

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’s value. Now, he faces insider trading accusations from Dogecoin investors in a class-action lawsuit.

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.

Amendments in Lawsuit

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’s value.

The investors are amending the lawsuit, alleging securities fraud due to Musk’s deliberate manipulation of the market and insider trading. They’re also making claims that Dogecoin should be recognized as a security as per U.S. Securities and Exchange Commission standards.

has become the subject of accusations of insider in a class-action lawsuit 👀

🚨They accuse him of manipulating the price of the token

According to the investors, Elon sold for $124M after changing his logo to the logo🤯

— Satoshi Talks (@Satoshi_Talks)

Effect on Ordinary Investors

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.
In response to the lawsuit, Musk’s stance has been that his supportive tweets and the logo change were innocuous and not fraudulent.

Conclusion

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’s verdict and its potential repercussions on the cryptocurrency world.

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