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The global crypto market cap is $1.15 trillion with a 24-hour volume of $30.28 billion. The price of Bitcoin is $27,145.03 and BTC market dominance is 45.9%. The price of Ethereum is $1,895.95 and ETH market dominance is 19.9%. The best performing cryptoasset sector is Masternode, which gained 60%.
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New facts and evidence could counter Musk’s previous attempts to dismiss the case.
Cover art/illustration via CryptoSlate
New facts and evidence concerning Elon Musk’s crypto trading and promotional activity were highlighted in an amended legal case on May 31.
The latest filing brings forward new evidence of Musk’s alleged market manipulation.
Plaintiffs note in the filing that Musk briefly replaced Twitter’s bird logo with the Dogecoin logo. This coincided with DOGE prices rising 30% and then falling after the original logo was restored.
That logo change occurred in April 2023, not in April 2022, as the case filing suggests. It nevertheless correlated with significant market changes, as claimed.
The filing also claims that Musk took responsibility for the “Dogecoin enterprise as a whole” and that he has a fiduciary relationship with the asset, as is necessary for a claim of insider trading. It also claims that Dogecoin is a security under the Exchange Act. It says that Musk and Tesla’s Dogecoin “whale” wallets have been identified.
The filing additionally alleges that Musk manipulated the Bitcoin market when Tesla traded Bitcoin. The company has bought and sold Bitcoin since 2021.
Finally, the amendment intends to remove The Dogecoin Foundation as a defendant. Separate reports from Reuters suggest the case judge has granted this request.
These developments follow previous events in Johnson et al v. Musk et al. The plaintiffs began that case in June 2022 and sought $258 billion in compensation.
Musk and Tesla attempted to dismiss the case around April 2023.
By introducing new facts and evidence, the plaintiffs intend to prove that their allegations are not futile. Musk and Tesla could otherwise succeed in dismissing the case.
According to Reuters, the U.S. judge responsible for the case has said in an order that he will “likely” allow the amended complaint, which is now amended for the third time.
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.
Zaeem, an editor fascinated by business, finance, DeFi, and cryptocurrencies, holds a business and finance degree. His 14-year career in financial journalism spans sectors like banking, finance, insurance, and tech.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.
Twitter is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
New facts and evidence could counter Musk’s previous attempts to dismiss the case.
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