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Elon Musk Denies Ownership of Crypto Wallets in Dogecoin Lawsuit

 Elon Musk Denies Ownership of Crypto Wallets in Dogecoin Lawsuit

Elon Musk Denies Ownership of Crypto Wallets in Dogecoin Lawsuit
Elon Musk Denies Ownership of Crypto Wallets in Dogecoin Lawsuit(Image-Getty)

Elon Musk, the billionaire CEO of Tesla, has denied owning the cryptocurrency wallets that are allegedly linked to questionable Dogecoin trades, according to a letter reviewed by The Post. The allegations against Musk are part of a class-action lawsuit accusing him of manipulating the value of Dogecoin, his own digital currency. The amended complaint, filed on June 7 in Manhattan federal court, claims that Musk sold $95 million worth of Dogecoins. It associates digital wallets purportedly owned by Musk and Tesla with transactions that occurred between April 3 and April 6, a period during which Musk's Twitter account changed its iconic blue bird logo to the Dogecoin Shiba Inu symbol. This alteration led to a 30% increase in the cryptocurrency's value, from $0.07705 to $0.10109.

In response, Alex Spiro, Musk's lawyer, sent a strongly-worded letter to Evan Spencer, the plaintiff's lawyer, disputing the allegations and questioning Spencer's legal competency. Spiro argued that the claim of Musk and Tesla owned the wallets lacked foundation and evidence. He pointed out that the sole basis for the claim was the timing of Dogecoin sales during a period of price increase, as mentioned in the Third Amended Complaint.

The amended complaint relied on a tweet Musk made on February 10, 2021, where he stated that he purchased 28.061971 worth of Dogecoin, an amount seemingly connected to his birthdate: June 28, 1971. The complaint alleged that this transaction was reflected in the wallet in question, further asserting that the wallet reached a peak value of over $25 billion in Dogecoin.

Spiro has until August to respond to the latest filing in the case. Evan Spencer, the plaintiff's lawyer, expressed confidence in the case's success, emphasizing that it will be fought in the courtroom rather than in the media.

Elon Musk has chosen not to provide a comment regarding the matter.
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