Elon Musk was accused of insider trading in Dogecoin – Kommersant
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A group of investors in the Dogecoin cryptocurrency filed a class action lawsuit in Manhattan federal court against Elon Musk, accusing him of insider trading in these digital coins.
According to Reuters, plaintiffs allege that Mr. Musk used his Twitter posts, paid well-known personalities, and also paid for his participation in the popular American television show Saturday Night Live on NBC to artificially stir up interest in Dogecoin. Each such event led to an increase in the value of the cryptocurrency, after which Elon Musk sold dodgecoins from wallets that belong either directly to him or to his Tesla company. For example, the plaintiffs point out that logo change Twitter – from the blue bird to the Shiba Inu dog, which is depicted on the Dogecoin logo – the quotes of this cryptocurrency grew by 30%, after which Elon Musk sold his coins, bailing out $ 124 million. The plaintiffs believe that due to the actions of Elon Musk, they lost billions of dollars.
Note that this is the third attempt by a group of plaintiffs to bring Elon Musk to justice for “market manipulation and insider trading.” The original statement was filed back in June 2022, and last September new members joined, accusing Mr. Musk in creating a “crypto pyramid”. The first two claims were dismissed by the court, but the new version of the claim, according to District Judge Alvin Hellerstein, is likely to be accepted for consideration.
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