Billionaire Elon Musk is reportedly denying proudly owning Dogecoin (DOGE) in a lawsuit that alleges he manipulated the worth of the meme asset.
In a letter reportedly reviewed by the New York Put up, Alex Spiro, Musk’s lawyer, says that the plaintiffs’ allegations about his consumer proudly owning a Dogecoin pockets are incorrect and baseless.
“You particularly allege, with out foundation, that the next wallets ‘belong’ to Defendants. You might be fallacious.”
Musk, a longtime proponent of the dog-themed memecoin, was initially sued in June 2022 by a gaggle of disgruntled DOGE house owners who declare that their monetary losses have been on account of Musk manipulating the worth of the digital asset.
Earlier this month, the plaintiffs sought to amend their criticism, accusing Musk of utilizing Twitter posts, his look on the present “Saturday Evening Dwell” and different strategies corresponding to paying influencers to advertise DOGE so he may revenue from its value rising.
In addition they declare that Musk offered about $124 million price of the memecoin after its value skyrocketed 30% following his resolution to briefly change Twitter’s iconic blue chicken brand to that of Dogecoin’s Shiba Inu canine.
Within the submitting, the defendants say that Musk’s “deliberate course of carnival barking, market manipulation and insider buying and selling” allowed him to deceive traders and promote himself and his companies.
Nevertheless, within the letter, Spiro says the one proof offered towards the notion that the wallets belong to Musk is circumstantial.
“The only real foundation in your declare is that these wallets offered Dogecoin at a time when, in response to the Third Amended Criticism, costs have been up.”
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