- A new lawyer is set to take up the Dogecoin case in which Elon Musk is accused of manipulating DOGE prices.
- Elon Musk has denied owning DOGE acquired through insider trading despite either voluntary or involuntary influencing the prices.
The Dogecoin case in which Twitter owner Elon Musk is accused of manipulating Dogecoin (DOGE) prices has taken an interesting twist. Tesla and Twitter CEO Elon Musk faces charges of insider trading or market manipulation after pulling off stunts that led to price pumps. One of the more famous stunts was his 2021 appearance on NBC’s “Saturday Night Live.” After artificially inflating prices, whale wallets apparently owned by Elon Musk dumped millions worth of DOGE.
A group of Dogecoin holders who are suing Elon Musk for his manipulative practices is seeking $258 billion in damages. The holders allege that Musk used “transparent cryptocurrency market manipulation,” further accusing him of exploiting his impressive Twitter following. When the billionaire changed the Twitter logo to the Dogecoin logo, one of his supposed wallets dumped $124 million worth of Dogecoin after a 30 percent rise.
Such activities, they argue, comprise a “deliberate course of carnival barking, market manipulation, and insider trading,” enabling Musk to defraud investors and promote his companies.
In a recent development, the lawyer who was handling the case, and one of Elon Musk’s lead in-house lawyers has withdrawn from this case.
Adam Gabor Mehes, a Manhattan attorney, has filed a motion to resign as counsel in the $258 billion dollar lawsuit. interestingly, his withdrawal follows a letter leaked to the New York Post in which Elon Musk denies owning any of the crypto wallets involved in the DOGE transactions. However, due to his endorsement, Twitter posts, and public statements which go as far as declaring himself as “Dogefather” and “Dogecoin CEO”, the suit comes as no surprise.
Read More: Elon Musk Denies Dogecoin Wallet Ownership Amid Insider Trading Lawsuit – Who Holds the Keys to the Crypto Kingdom?
Although the timing is curious, the reasons for the withdrawal of the lawyer remain unclear. Some speculate that he could have done so for personal reasons or might have been fired by Elon Musk himself. Whatever the case, a new lawyer will be handling the case.
Is A New Lawyer Good for Dogecoin?
A court document has shown that a replacement has been found and the case will now be handled by Allison Huebert. For Elon Musk who has been looking to get the case dismissed, a fresh set of eyes could be great and might shed light on new details.
With the world’s wealthiest person unlikely to be promoting Dogecoin for financial reasons, many are expecting the case to be dismissed or settled. Either way, a majority hope Musk continues to ‘promote’ Dogecoin and drive its adoption.
At the time of press, DOGE is trading at $0.063 up nearly 4 percent in the last 24 hours. This case seems to have little to do with the short-term price movement, however, it could have an effect on the relationship Musk has with Dogecoin and its investors and by large its long-term success.
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