Last week, another lawsuit was filed in a court in Manhattan, alleging that investors caused Dogecoin to increase by 36,000 percent. over the past two years. The authors of the complaint mention that the boss influenced its course, e.g. by posting on Twitter, paying online influencers, appearing on NBC’s “Saturday Night Live” in 2021, and running other “advertising campaigns,” he reports. Musk was said to be trading cryptocurrency for his own account at the time through several wallets that he or Tesla controlled.
Elon Musk manipulated the Dogecoin rate?
Investors also claim that Elon Musk set the “dog” known from memes as the Twitter logo (the image of a shiba inu dog is also the symbol of Dogecoin). The lawsuit indicated that this coincided with a 30 percent increase in the cryptocurrency exchange rate. Elon Musk was then supposed to sell his dogecoins worth $ 124 million. The lawsuit described Musk’s actions as “deliberate, harassment, market manipulation and insider trading.” They were supposed to enable the owner of Tesla to deceive investors, promote himself and his companies at the expense of others.
The investor claims that Elon Musk “manipulated the Dogecoin pyramid”. He is demanding huge damages
The case against Elon Musk begins in June 2022. One cryptocurrency investor claims that the head of Twitter used the position of the richest man in the world to “manipulate the Dogecoin pyramid”. He accused the billionaire that he did it “for profit and entertainment”. Last year, he emphasized that as a result of investing in the cryptocurrency promoted by Elon Musk, he lost $86 billion. The plaintiff is seeking $258 billion in damages.
Source: Gazeta
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