▲ Elon Musk, CEO of Tesla
Investors who filed a class-action lawsuit alleging that Tesla CEO Elon Musk committed a "Dogecoin scam" have filed a complaint that adds "insider trading allegations."
In a complaint filed in the Federal Court for the Southern District of New York on the 31st of last month (local time), cryptocurrency investor Keith Johnson and others alleged that "Musk has amassed wealth through market manipulation and insider trading."
According to the complaint, "Musk not only manipulated the market himself, but also took advantage of others," and alleged that he paid influential influencers on Twitter to make positive comments about Musk, Dogecoin, and others.
In addition, the fact that the coins were traded through multiple channels, including Musk's personally owned Dogecoin wallet as well as a Dogecoin wallet managed by Tesla, was also cited as evidence of insider trading.
They added one example of Musk's manipulation of Dogecoin prices in April, when he replaced Twitter's bluebird logo with Dogecoin's iconic Shiba Dog (Shiba Inu) logo.
At the time, the price of Dogecoin soared by more than 4% shortly after the Twitter logo was replaced, and the price of Dogecoin plummeted again three days later when it returned to its original state of bluebird.
(Photo = Getty Images Korea)