Elon Musk Refutes Dogecoin Lawsuit Claims, Disavowing Ownership of Crypto Wallets and Manipulation Allegations
Tesla CEO Elon Musk is facing a legal battle over allegations of manipulating the value of Dogecoin, a digital currency he has endorsed. Musk has denied owning the crypto wallets alleged to have been used for questionable Dogecoin trades, as stated in a letter reviewed by The Post. This comes in response to an amended complaint filed on June 7, accusing Musk of participating in a pump-and-dump scheme involving $95 million worth of Dogecoins. Musk’s lawyer strongly disputes the allegations and questions the competency of the opposing counsel.
Musk’s lawyer, Alex Spiro, denies that his client owns the digital wallets linked to the alleged transactions. In a letter obtained by The Post, Spiro dismisses the claims made by plaintiff’s lawyer Evan Spencer and asserts that the wallets do not belong to Musk or Tesla. The denial highlights Musk’s stance that he had no involvement in any illicit trading practices related to Dogecoin.
The amended filing connects the digital wallets, supposedly owned by Musk and Tesla, to transactions that occurred shortly after Musk changed his Twitter logo to the Dogecoin Shiba Inu symbol. The filing suggests a correlation between this logo switch and a subsequent 30% surge in Dogecoin’s value. However, Musk’s denial challenges the connection drawn between the wallets and the logo change, claiming that the allegations are unfounded.
The legal dispute has led to a contentious exchange between the parties involved, with Musk’s lawyer directly challenging the competence of the opposing counsel in a letter. Musk has consistently maintained his innocence and denied any wrongdoing in relation to his involvement with Dogecoin. As the lawsuit continues, Musk and his legal team are determined to defend his innocence and disprove the allegations.
Musk’s denial of owning the crypto wallets adds complexity to the legal battle, with accusations of manipulation still surfacing. The clash between legal counsels intensifies, underscoring the significance of the case and its potential ramifications for Musk’s reputation. The outcome of this lawsuit could have broader implications for the future of digital currencies and the regulatory environment surrounding them.