Elon Musk sues for insider trade with Dogecoin using Advertising Admacles

Von Krypto News Österreich

Tesla boss Elon Musk owed insider trade with Dogecoin (Doge) against his followers, Memecoin investors claimed in a application against the tech entrepreneur on Wednesday.

The allegations are a follow-up for a collective action of $ 258 billion, which was submitted by the same group in June 2022 and accuses Musk and its company to cause Documentary owners in the amount of hundreds of billion.

Elon Musks Dogecoin-agenda

Pro changed submission on May 31st in front of a federal court in Manhattan, Elon Musk took part in a "intentional market manipulation by carnival bark" by one "Advertising circus", which should drive up the DOGECOIN price.

This stunts also includes its public appearances and social media activities that Dogecoin has played up since April 2019. These stunts rose the price of Dogecoin by May 2021 by 36,000 % to over $ 0.70. Today Doge is traded under this maximum of 90 %.

"Musk's pretext that the advertising for Dogecoin was only a good fun and should not be taken seriously is not credible," says the file and described the Tycoon as "top robber" and its millions of Twitter follower as prey.

In the lawsuit it was pointed out that numerous studies had already shown the effects of Elon Musk's tweets on the price of Dogecoin. In fact, Musk's announcements that he would start accept dogecoin at SpaceX in 2021 and his Style = "Font-Weight: 400"> to the Twitter headquarters After taking over the company last year, each contributed to the price change of Doge.

Musk once again exerted its influence by changing the blue bird logo of Twitter to a picture of the Shiba inu des Doge-Memes for three days and so helped the Coin price reduced by 30 %.

The file added that Musk and Tesla had been profitable around the "intended steps of the billionaire", and stated blockchain records as evidence.

Specifically, the lawsuit claim to have tracked down a wallet address-DH5YA-that was supposed to belong to Musk and became the greatest individual owner of Dogecoin in February 2021. In April 2021, this wallet sold dogecoin worth several million dollars.

securities fraud?

An essential part of the lawsuit is the assumption that Dogecoin is an unregistered security in accordance with the existing standards of the US stock exchange supervisory authority Securities and Exchange Commission.

Musk was founded by the Dogecoin finders Billy Markus and Jackson Palmer in 2013-however, they remained uninvolved for the development of the project for years. Markus himself often jokes on Twitter with Elon Musk, both of whom often make carefree comments on crypto on Twitter.

When the original lawsuit was filed last year, Musk's lawyers said that the lawsuit was invented. "There is nothing unlawful to tweet supporting words or funny pictures about a legitimate cryptocurrency that continues to have a market capitalization of almost $ 10 billion," they said.

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