Regulation
Elon Musk Wins Dogecoin Trading Lawsuit Dismissal, DOGE Price To Rally?
Elon Musk has successfully secured the dismissal of a federal lawsuit accusing him and Tesla of defrauding investors through the promotion and trading of the cryptocurrency Dogecoin.
The legal decision, issued by a U.S. District Judge in Manhattan, marks a significant development for both Musk and the cryptocurrency community, leaving questions about the future direction of Dogecoin’s price.
Elon Musk Wins Dogecoin Trading Lawsuit Dismissal
According to a Reuters report, Elon Musk and Tesla, Inc. have won the dismissal of a lawsuit filed in Manhattan federal court, which accused them of manipulating the price of Dogecoin for personal gain.
Investors had alleged that Musk and Tesla engaged in insider trading and used publicity stunts, including social media posts and television appearances, to inflate the price of Dogecoin by over 36,000% before allowing it to crash. The lawsuit claimed that Musk profited by selling the cryptocurrency at its peak after orchestrating the market movements.
The dismissal, issued by U.S. District Judge Alvin Hellerstein, came after investors struggled to substantiate their claims across five different versions of the lawsuit filed over two years. Musk’s legal team argued that there was no concrete evidence to prove that Musk or Tesla owned the wallets involved in the alleged trading activities or that any misconduct occurred in relation to Dogecoin.
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Kelvin Munene Murithi
Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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