Elon Musk Rejects Ownership of Dogecoin Wallet Accused of Selling $124 Million $DOGE in $258 Billion Lawsuit
Billionaire entrepreneur Elon Musk has denied owning cryptocurrency wallets involved in alleged suspicious Dogecoin trades. Musk is facing a class-action lawsuit accusing him of manipulating the value of Dogecoin for personal gain. The lawsuit, which has been ongoing for a year, claims that Musk orchestrated a pump-and-dump scheme and profited from selling $95 million worth of Dogecoins. The latest amendment to the complaint linked digital wallets allegedly connected to Musk and Tesla to transactions that took place between April 3 and April 6, which coincided with a period when Musk changed his Twitter logo to Dogecoin’s symbol. Musk’s attorney dismissed the allegations, stating that the claim that the wallets belonged to Musk was without basis. The lawsuit had already been amended in late May, with the plaintiffs accusing Musk of manipulating Dogecoin’s price through his social media influence. Musk has openly supported the meme-based cryptocurrency, promoting it on Twitter and referring to himself as the “Dogefather” and “Dogecoin CEO.” The lawsuit could have a significant impact on the future of Dogecoin, potentially damaging its reputation if the court finds Musk guilty of insider trading. It could also set a precedent for other lawsuits against cryptocurrency promoters and discourage celebrities from promoting cryptocurrencies, negatively affecting the industry. However, it is still too early to determine the long-term implications of the lawsuit, and investors will likely closely monitor its developments.