Tesla CEO Elon Musk is facing accusations that he used his influence to manipulate the price of Dogecoin. In a lawsuit filed by cryptocurrency investors, Musk is accused of ‘insider trading’. In a recent development, plaintiff’s lawyers are seeking to fire the billionaire’s legal counsel over a leaked letter.
‘Dismissal’ request in Musk Dogecoin case
A petition has been filed by the plaintiffs’ attorney, Evan Spencer, to disqualify Elon Musk and the electric car giant’s legal representatives after a private letter between the parties leaked to the public, according to a new report. Spencer claims he leaked a letter to the New York Post from Alex Spiro, a lawyer at the law firm Quinn Emanuel Urquhart & Sullivan, which represents the businessman. He also argues that this “violates numerous ethical rules. He also says that Quinn Emanuel’s continued defense of the case shows that he poses a serious risk of stigma.
In the letter, Spiro says the accusation against Musk that he owns the Dogecoin wallet is false and unfounded. Also, Spiro states that the only evidence presented against the Tesla CEO is circumstantial. However, Spencer claims that Spiro lied to the media. According to Reuters, Spencer said he needed to do “significant damage control” after the “blatantly wrong and bizarre” attacks on his character.
What is the basis of the accusations against Elon Musk?
cryptocoin.comAs you follow, Elon Musk was first hit with a $258 billion lawsuit in June 2022 by a group of disgruntled investors who claimed their financial losses were due to Musk’s manipulation of the meme-coin price. Earlier this month, the plaintiffs amended their claims, saying Musk used Twitter, his appearance on the “Saturday Night Live” show, and other methods to influence DOGE’s price so he could profit.
The plaintiffs also allege that Musk sold $124 million worth of udder assets after the price went up 30% after he temporarily replaced the iconic Twitter bluebird logo with a Shiba Inu dog identical to the dog in the Dogecoin logo.
DOGE developers prepare for next upgrade
A Dogecoin developer known on Twitter as “Bluezr” said that work on the Dogecoin Core upgrade is ongoing. The developer shared a Github repo that shows ongoing contributions for Dogecoin core 1.14.7. It also includes reviews and feedback. This speaks to the work on Dogecoin’s minor build system upgrade in consolidation.
The developers released the latest Dogecoin core version 1.14.6 in July 2022. With this release, it has improved security, efficiency and user interface. Dogecoin Core 1.14.6 included various security updates, changes to the existing fee system, and a few new features. This release has reduced the recommended dust limit for all Dogecoin network participants from 1 DOGE to 0.01 DOGE. A change in the setup of the wallet backup directory was also among the “recent changes”. There was also a limit on the maximum number of addnode registrations between them.
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