BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Dogecoin Investors Accuse Elon Musk Of Insider Trading In Amended Class-Action Lawsuit

by BlockNews Team
June 7, 2023
in BUSINESS, CRYPTO, MEDIA
Reading Time: 4 mins read
A A
1
SHARES
12
VIEWS
Share on XShare in TelegramShare on Reddit

Investors in Dogecoin accuse Musk of engaging in insider trading and manipulating the market, claiming he used his social media following to profit from trades involving the cryptocurrency.

  • The lawsuit has undergone numerous amendments to reflect Musk’s activities and to make the case that Dogecoin ought to be regarded as a security.
  • It is unclear what Musk intended when he changed the Twitter logo following the filing by his legal team.

Investors in Dogecoin are suing Elon Musk as part of a class action lawsuit, claiming that the billionaire used insider trading and market manipulation to drive up the price of the humor cryptocurrency. The investors assert that Musk took advantage of his enormous social media following and media appearances to profit from Dogecoin trades.

Allegations of Market Manipulation

According to the investors’ amended complaint, Elon Musk engaged in an “undisguised course of cryptocurrency market manipulation,” filed in the Southern District of New York’s United States District Court. They claim that Musk raised the price of Dogecoin through his media appearances and influence on Twitter, benefiting himself at the expense of other investors. Musk allegedly changed Twitter’s logo to the Dogecoin logo as one of the actions detailed in the complaint, which helped drive up the token’s price.

Amendments to the Lawsuit

The initial complaint was submitted before Musk became Twitter’s CEO in June 2022. But the investors have altered the complaint numerous times to take account of Musk’s subsequent deeds. They claim that Dogecoin ought to be categorized as a security following the rules established by the U.S. Securities and Exchange Commission (SEC) in their most recent revision and accusing Musk of insider trading. The investors ask the court for authorization to incorporate these allegations in their case.

Serious Allegations Against Musk

Elon Musk is portrayed in the new case as planning a purposeful scheme of insider trading and market manipulation. It charges Musk with using Dogecoin’s increasing popularity to advance himself and his businesses and make money off the backs of defenseless Americans, such as veterans, blue-collar employees, and older people. The investors contend that Musk’s activities meant increasing his already substantial wealth.

Response from Musk’s Legal Team

In a previous request for the second amended lawsuit’s dismissal, Elon Musk’s legal team said that the CEO’s actions, such as changing the Twitter logo and uploading hilarious content, did not constitute fraud. However, Musk’s choice to switch the Twitter logo to the Dogecoin one immediately after his legal team filed a lawsuit has prompted speculation about both his motivations and the veracity of the investors’ claims.

Musk’s Silence and Influence

Elon Musk had not commented on the updated complaint on Twitter or any other medium at publication. Nevertheless, it is impossible to understate his impact on the cryptocurrency industry, particularly Dogecoin. Musk regularly influences the price of Dogecoin with his frequent remarks on cryptocurrencies and large following, leading it to rise or fall in response to his statements.

Musk’s Departure from Twitter

The sudden departure of Musk as CEO of Twitter was revealed on May 12. Since he bought it in October 2022, the social networking site’s value is rumored to have fallen substantially. Because Musk chose to transfer authority to Linda Yaccarino, the former executive in charge of global partnerships and advertising at NBCUniversal, the future of Twitter and its connection to cryptocurrencies are in doubt.

Conclusion

Investors in Dogecoin have accused Elon Musk of engaging in insider trading, which raises significant questions about market manipulation. In the updated class-action lawsuit, Musk is charged with using his social media clout to make money from Dogecoin exchanges. The result of this court dispute could have a significant impact on Musk and the cryptocurrency industry as a whole. Whatever the outcome, this case serves as a reminder of the possible perils and moral difficulties connected to the confluence of influential people, social media, and new cryptocurrencies.

Tags: DogecoinElon MuskLawsuit
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

What is Arbitrum and How Does it Work? Why You Need to be Bullish on ARB in 2025
CRYPTO

What is Arbitrum and How Does it Work? Why You Need to be Bullish on ARB in 2025

August 15, 2025
U.S. SEC Shares Vision to Make America the Crypto Capital of the World: Here is How
BITCOIN

U.S. SEC Shares Vision to Make America the Crypto Capital of the World: Here is How

August 15, 2025
Federal Reserve Ends Program That Increased Crypto Scrutiny in Banks: What You Need to Know
CRYPTO

Federal Reserve Ends Program That Increased Crypto Scrutiny in Banks: What You Need to Know

August 15, 2025
BONK Holds Steady Amid Heavy Institutional Activity: Here is What Big Money is Watching
CRYPTO

BONK Holds Steady Amid Heavy Institutional Activity: Here is What Big Money is Watching

August 15, 2025
XRP Targets Bold New Highs as Bullish Breakout Gains Momentum: Here are the Levels to Watch
CRYPTO

XRP Targets Bold New Highs as Bullish Breakout Gains Momentum: Here are the Levels to Watch

August 15, 2025
Ethereum’s Surge Could Set Off a Shiba Inu Breakout
CRYPTO

Ethereum’s Surge Could Set Off a Shiba Inu Breakout

August 15, 2025
Load More

Related News

What is Arbitrum and How Does it Work? Why You Need to be Bullish on ARB in 2025

What is Arbitrum and How Does it Work? Why You Need to be Bullish on ARB in 2025

August 15, 2025
U.S. SEC Shares Vision to Make America the Crypto Capital of the World: Here is How

U.S. SEC Shares Vision to Make America the Crypto Capital of the World: Here is How

August 15, 2025
Federal Reserve Ends Program That Increased Crypto Scrutiny in Banks: What You Need to Know

Federal Reserve Ends Program That Increased Crypto Scrutiny in Banks: What You Need to Know

August 15, 2025
BONK Holds Steady Amid Heavy Institutional Activity: Here is What Big Money is Watching

BONK Holds Steady Amid Heavy Institutional Activity: Here is What Big Money is Watching

August 15, 2025
XRP Targets Bold New Highs as Bullish Breakout Gains Momentum: Here are the Levels to Watch

XRP Targets Bold New Highs as Bullish Breakout Gains Momentum: Here are the Levels to Watch

August 15, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve Finance FTX grayscale Memecoin metaverse Microstrategy NFT NFTs opinion PEPE ripple sec Shiba Inu Solana Stablecoin Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.