Tesla executive, Elon Musk, has denied being a dogecoin (DOGE) whale in a lawsuit that accuses him of engaging in pump-and-dump activities with the meme coin token, which allegedly harmed retail investors. Musk’s attorney, Alex Spiro, stated in a written communication to the plaintiff’s lawyer that the claim of Musk owning specific wallets is “without basis” and he firmly asserts the plaintiffs “are wrong.”
The allegations against Musk stem from a lawsuit filed in June 2022, which claims that Musk engaged in a “crypto pyramid scheme” with DOGE. The plaintiffs allege that they and the class have lost approximately $86 billion in this scheme.
In response to the allegations, Musk’s legal team sought to have the case dismissed in April, contending that there was no wrongdoing in tweeting about a legitimate currency. However, the plaintiffs maintain that Musk’s change of the Twitter logo from the blue bird to the Dogecoin logo was a part of his purported scheme.
The lawyers representing the plaintiffs claim that Musk is the alleged DOGE whale that the accusers are portraying him to be. However, according to a letter obtained by the New York Post from Musk’s attorney, Alex Spiro, this claim is “without basis.”
“You specifically allege, without basis, that the following wallets ‘belong’ to defendants,” Spiro’s missive to the plaintiff’s lawyer Evan Spencer. “You are wrong. The sole basis for your claim is that these wallets sold dogecoin at a time when, according to the third amended complaint, prices were up,” Spiro’s letter adds.
Upon reviewing the letter from Musk’s attorney, the New York Post quoted the plaintiff’s lawyer, Spencer. In a statement provided to the Post, Spencer remarked, “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.”
The allegations against Musk in this lawsuit have garnered significant attention from the media and the cryptocurrency community. Many are closely watching the case to see how it will impact the future of cryptocurrency regulation and investor protection.
As of now, it remains to be seen how the case will play out in court. However, Musk’s denial of being a DOGE whale could potentially impact the outcome of the lawsuit. It is important for all parties involved to allow the legal process to play out and for the court to make a fair and just decision based on the evidence presented.
In conclusion, while the allegations against Elon Musk in the dogecoin lawsuit are serious, it is important to remember that they are just that – allegations. It is up to the court to decide whether or not there is sufficient evidence to support these claims. As such, it is important for all parties involved to respect the legal process and allow it to play out in a fair and just manner.