According to a recent letter viewed by the press, Elon Musk denies being a dogecoin (DOGE) whale in the lawsuit that accuses the Tesla executive of engaging in pump-and-dump activities with the meme coin token, which allegedly harmed retail investors. Musk’s attorney, Alex Spiro, stated in a written communication to the plaintiff’s lawyer that the claim of Musk owning specific wallets is “without basis” and he firmly asserts the plaintiffs “are wrong.”
Musk’s Lawyer Claims Plaintiffs Are Wrong to Tether the Tesla Exec to Dogecoin Whale Wallets
In early June 2023, Elon Musk of Tesla faced new allegations of insider trading in a lawsuit that accuses him of engaging in pump-and-dump activities with dogecoin (DOGE). The lawyers representing the plaintiffs claim that Musk’s change of the Twitter logo from the blue bird to the Dogecoin logo was a part of his purported scheme. Nevertheless, the New York Post has obtained a letter from Musk’s attorney, Alex Spiro, which argues that Musk is not the alleged DOGE whale that the accusers are portraying him to be.
“You specifically allege, without basis, that the following wallets ‘belong’ to defendants,” Spiro’s missive to the plaintiff’s lawyer Evan Spencer. “You are wrong. The sole basis for your claim is that these wallets sold dogecoin at a time when, according to the third amended complaint, prices were up,” Spiro’s letter adds.
In April, Musk’s legal team sought to have the case dismissed, contending that there was no wrongdoing in tweeting about a legitimate currency. The plaintiffs, who filed the case in June 2022, maintain that Musk is involved in a “crypto pyramid scheme” with DOGE. The initial complaint alleges that the “plaintiffs and the class have lost approximately $86 billion in this crypto pyramid scheme.”
Upon reviewing the letter from Musk’s attorney, the New York Post quoted the plaintiff’s lawyer, Spencer. In a statement provided to the Post, Spencer remarked, “This case will be fought in court, not the media. “The plaintiffs and I are more confident than ever that the case will be successful.”
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