TechFlow news — According to Bitcoin.com, Elon Musk has denied controlling the DOGE wallet addresses linked to allegations of insider trading.
Last June, Musk faced a class-action lawsuit accusing him of insider trading, alleging he participated in a "pump-and-dump" scheme involving Dogecoin that harmed retail investors. Plaintiffs' attorneys claimed that Musk's change of Twitter's logo from the blue bird to the Dogecoin emblem was part of this alleged scheme.
In response, Musk's attorney, Alex Spiro, argued that Musk is not the so-called "DOGE whale" described by the plaintiffs. In written correspondence to the plaintiffs' lawyers, Spiro stated that claims asserting Musk owns the specific wallets are "entirely baseless," adding: "The sole basis for your allegations is that these wallets sold Dogecoin when the price was rising, as alleged in the Third Amended Complaint."
