Elon Musk has again attracted media attention recently. A letter was exposed in which Musk firmly denied that he was a whale of Dogecoin (DOGE) in a lawsuit. The lawsuit accused Tesla executives of using this interesting dog-head token to conduct a pump and dump campaign, which allegedly caused considerable losses to small investors. However, Musk's lawyer Alex Spiro said in written communication that the claim that Musk owns a specific wallet is "pure nonsense" and firmly stated that the plaintiff is "completely wrong."

Musk's lawyers claim plaintiffs are wrong to tie Tesla executive to Dogecoin whale wallet

In early June 2023, Elon Musk faced a new lawsuit alleging insider trading that he used Dogecoin (DOGE) to participate in a stock price-pumping operation. The plaintiff’s lawyers claimed that Musk’s change of Twitter’s logo from a blue bird to the Dogecoin logo was part of his alleged scheme.

However, the New York Post received a letter from Musk's lawyer Alex Spiro, arguing that Musk is not the so-called DOGE whale described by his accusers. "You explicitly claim without basis that the following wallets 'belong' to the defendant," Spiro said.

"You are mistaken. The only basis for your claim is that these wallets sold Dogecoin when the price increased, as per the Third Amended Complaint," Spiro's letter added. In April, Musk's legal team tried to dismiss the case, arguing that there was no impropriety in tweeting about legal currencies.

The plaintiff filed the lawsuit in June 2022, insisting that Musk was involved in a "crypto pyramid scheme" with DOGE. The initial complaint stated that "the plaintiff and the class lost approximately $86 billion in this crypto pyramid scheme." After reviewing the letter from Musk's lawyer, the New York Post quoted the plaintiff's lawyer Spencer.

“This case will be fought in the courts, not in the media,” Spencer said in a statement provided to The Washington Post. “The plaintiffs and I are more confident than ever that this case will succeed.”