Elon Musk denies insider trading in DOGE cryptocurrency

The CEO of Tesla and SpaceX said that he does not own the cryptocurrency wallets that were allegedly used for transactions with the DOGE cryptocurrency.

Earlier in June, investors filed a lawsuit in Manhattan federal court, claiming that Elon Musk used his influence on the Internet to manipulate the price of the meme cryptocurrency DOGE. The billionaire tweeted and used influencers to promote Dogecoin, and in 2021 appeared on NBC’s Saturday Night Live, the plaintiffs claim. These «publicity stunts» allowed Musk to trade DOGE coins profitably.

In a letter provided to The New York Post, Musk denies any manipulation of DOGE.

«You falsely assert that these wallets 'belong' to Musk,» said lawyer Alex Spiro.

In the lawsuit, the digital wallets allegedly belonging to Musk and Tesla are linked to transactions made from April 3 to April 6. It was around this time that Musk’s Twitter account changed its blue bird logo to the Dogecoin symbol, the shiba-inu dog from the meme.

«The only basis for your allegation is that these wallets were selling Dogecoin at the same time,» the lawyer’s letter reads.

By the way, when Musk returned the former Twitter logo, the value of the Dogecoin cryptocurrency plummeted by as much as 9.5%.