Crypto: Musk Clears Accusations Of Dogecoin Manipulation!
Release: 2024/08/30 22:19 Reading: 548
Elon Musk and his company Tesla have just won a significant legal victory against Dogecoin investors. Federal Judge Alvin Hellerstein dismissed a complaint accusing Musk and Tesla of manipulating Dogecoin's price, marking a major success for Musk's camp.
Dismissed Accusation, Major Implications
On Thursday, Judge Hellerstein dismissed a class action lawsuit against Musk and Tesla, ending a protracted legal battle. Plaintiffs alleged that Musk artificially boosted Dogecoin's prices by 36,000% over two years, leading to its subsequent collapse.
The lawsuit, seeking $258 billion in damages, rested on several claims. Investors cited Musk's tweets, his appearance on Saturday Night Live in 2021, and the temporary alteration of Twitter's logo in 2023.
Investors argued that Musk orchestrated these actions to manipulate the market in his favor. However, Judge Hellerstein dismissed the allegations, labeling them as "aspirational and fanciful, non-factual, and likely to be falsified."
The judge emphasized the vague nature of the allegations of market manipulation and insider trading, justifying the dismissal of the lawsuit. The decision, rendered with prejudice, forecloses any future attempts to refile the case.
Musk and Dogecoin, a Complex Relationship Under Scrutiny
This decision has brought the relationship between Musk and Dogecoin under intense scrutiny. Charles Hoskinson, a prominent figure in the crypto community, speculated that Musk may hold up to 20% of the total Dogecoin supply.
While unproven, this assertion fuels discussions about the potential influence of individuals like Musk on the cryptocurrency market. Musk's legal victory may inadvertently increase the examination of his involvement in the crypto field.
Despite a 5.5% drop in Dogecoin's price following the verdict, attention remains fixed on the "Dogefather's" every move.
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