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Tesla CEO, Elon Musk, has firmly denied allegations that he owns significant Dogecoin (DOGE) wallets in a lawsuit accusing him of orchestrating pump-and-dump schemes with the meme-inspired cryptocurrency, potentially damaging retail investors. Alex Spiro, Musk’s legal representative, has issued a written denial, stating the accusations linking Musk to specific Dogecoin wallets are “baseless,” firmly asserting that the plaintiffs are mistaken in their assertions.
In early June 2023, Musk found himself entangled in new accusations of insider trading related to Dogecoin. The plaintiffs’ attorneys argue that Musk’s change of the Twitter logo to Dogecoin was part of an alleged scheme. However, a letter from Spiro, obtained by the New York Post, categorically denies that Musk is the purported DOGE “whale,” or large-scale holder, as depicted by the accusers.
Spiro’s letter to Evan Spencer, the attorney representing the plaintiffs, contested the allegations. He stated, “Your allegations that certain wallets ‘belong’ to the defendants are baseless. You are mistaken. Your claim relies solely on the fact that these wallets offloaded Dogecoin at a time when, according to your third amended complaint, the prices were climbing.”
In April, Musk’s legal team attempted to dismiss the case, arguing that tweeting about a legitimate currency did not constitute misconduct. The plaintiffs, who brought the case forward in June 2022, insist that Musk is part of a “crypto pyramid scheme” involving DOGE. The original complaint suggests that the “plaintiffs and the class lost approximately $86 billion in this crypto pyramid scheme.”
Upon reviewing the letter from Musk’s attorney, the New York Post solicited a response from the plaintiff’s attorney, Spencer, who stated, “This case will be battled in court, not in the media. The plaintiffs and I are more confident than ever that we will prevail in this case.”