Elon Musk, the CEO of Tesla and SpaceX, has denied allegations that he is the holder of a Dogecoin wallet linked to insider trading. The matter which is the subject of an ongoing class action, accuses Musk of participating in a racketeering scheme to support Dogecoin. According to court documents, two wallets associated with Musk sold 1.4 billion Dogecoins, or more than $124 million, in a two-day period in April.µ
Did Elon Musk use his influence on Dogecoin to scam holders?
Justice is trying to answer this question at the moment through the ongoing class action against Elon Musk in Manhattan in the United States. The man who is often called The Dogefather or the CEO of Dogecoin would have carried out market manipulation and insider trading. His maneuvers would have consisted of artificially raise the price of DOGE. The man who is now at the head of Twitter had changed his logo from the bird to the Shiba Inu dog. This had caused a massive increase which propelled the price of DOGE to $0.10.
Taking advantage of this rise, a whale, investor holding a huge amount of DOGE made movements of a 1.4 billion tokens, which would have earned him $124 million at that time. Of course, Alex Shapiro, attorney for Elon Musk has refuted allegations that his client engaged in market manipulation and insider trading.
Musk tackles crypto scams on Twitter
Perhaps to show his willingness to fight crypto scams, Elon Musk suspended the “Explain This Bob” account. It was actually an AI bot linked to the memecoin $BOB. Indeed, Elon concluded that “ It sure looks like a scam crypto account right away, Twitter suspended him.
This bot provided replies on Crypto Twitter in the same way as ChatGPT. He had even managed to collect more than 400,000 subscribers before its suspension. Unsurprisingly, its many subscribers are asking to restore it.
The “Explain This Bob” bot created by Prabhu Biswal, an Indian resident, demonstrates how crypto scams pass easily on Twitter. How will Elon Musk manage to solve this problem?
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