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‘Market Manipulation And Insider Trading’—Elon Musk And Tesla Are Facing A Fresh Nightmare Challenge

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‘Market Manipulation And Insider Trading’—Elon Musk And Tesla Are Facing A Fresh Nightmare Challenge

Elon Musk and his near-$700 billion electric car company Tesla
TSLA
are facing fresh accusations of market manipulation and insider trading in a lawsuit filed by cryptocurrency investors seeking damages of $258 billion.

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This is the third amendment to the lawsuit, first filed in June last year, after Musk asked the judge to dismiss the lawsuit in March.

The update centers on claims Musk sold around $124 million of the cryptocurrency dogecoin in April after he replaced Twitter’s logo with that of a Shiba Inu dog used by dogecoin—pushing up the dogecoin price by 30%.

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Musk and Tesla, both named as defendants in the lawsuit, took a “deliberate course of carnival barking, market manipulation and insider trading” that allowed them to defraud investors, the filing said.

In April this year, Musk made headlines around the world when he suddenly changed the logo of Twitter—the social media company he bought for $44 billion late last year—to the dogecoin dog, claiming to be following through on a promise made before he bought Twitter.

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A U.S. judge said this week he would “likely” allow the third amended complaint, saying the defendants would not likely be prejudiced, Reuters reported, but granting the investors’ request to dismiss the nonprofit Dogecoin Foundation as a defendant.

The dogecoin price rocketed 36,000% over two years, according to the filing, before it crashed back amid a wider crypto market sell-off.

The early 2021 dogecoin rally, also coinciding with the broader crypto market surge, was helped by Musk, who repeatedly posted to Twitter about the meme-based cryptocurrency and talked it up on the NBC comedy sketch show Saturday Night Live in April 2021.

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Musk has since allowed people to buy merchandise for Tesla and his rocket company SpaceX with dogecoin.

However, Musk’s support of dogecoin goes back far earlier than its pandemic-era boom. Musk named dogecoin as his “fav” cryptocurrency in early 2019, changed his Twitter biography to say he’s the “former CEO of dogecoin,” and tweeted a doge meme with the caption “dogecoin rulz.”

Musk’s lawyers said in response to an earlier iteration of the lawsuit that the Tesla CEO’s public statements and Twitter posts were too vague to be considered fraud and called the lawsuit a “fantasy.”

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RobotBulls Innovates Cryptocurrency Trading with AI and Blockchain Integration

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RobotBulls Innovates Cryptocurrency Trading with AI and Blockchain Integration

RobotBulls, a pioneering force in the cryptocurrency market, has unveiled its latest advancements in leveraging artificial intelligence (AI) and blockchain technology to streamline the trading process.

RobotBulls, a pioneering force in the cryptocurrency market, has unveiled its latest advancements in leveraging artificial intelligence (AI) and blockchain technology to streamline the trading process. This dual-technology approach not only simplifies trading operations but also enhances security and accuracy, providing traders from various backgrounds with an accessible and efficient trading platform.

AI and Blockchain: A Synergistic Approach for Streamlined Trading

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At the heart of RobotBulls’ innovation is the integration of AI and blockchain technology. The platform utilizes advanced AI algorithms to analyze market data accurately and swiftly, offering users actionable insights to guide their trading decisions. Complementing this, blockchain technology ensures all transactions are securely recorded and immutable, reinforcing trust and transparency in all operations.

Key Features of RobotBulls: Elevating Trading Experience

RobotBulls’ platform is designed with several core features aimed at enhancing user experience:

  • Streamlined Trading: Automated trading tasks allow users to execute strategies efficiently without the need for constant monitoring.
  • Real-Time Analytics: The platform provides current market trend data, helping users make informed decisions and anticipate movements.
  • Robust Security Measures: Leveraging blockchain, RobotBulls ensures all transactions are transparent and secure, significantly reducing the risk of tampering.

Benefits of Using RobotBulls: Efficient and Secure Trading Traders on RobotBulls enjoy multiple advantages:

  • Time Efficiency: The automation of routine trading activities frees up time, allowing traders to focus on strategy development.
  • Increased Precision: AI-driven analysis minimizes errors in data interpretation and trade execution.
  • Enhanced Risk Control: Tools for managing trading risks, including customizable stop-loss settings, are readily available on the platform.

Continuous Innovation and Future Prospects

Committed to continuous enhancement, RobotBulls consistently upgrades its AI algorithms and explores more efficient blockchain technologies. These advancements aim to further expedite transactions and improve analytical capabilities, providing users with deeper insights and more robust trading options.

Supporting Traders with Educational Resources and Community Engagement

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RobotBulls supports its users with an array of educational resources designed to aid both novice and experienced traders in navigating the platform effectively.

Additionally, the company fosters a strong community, enabling users to exchange strategies and insights, further enhancing their trading success.

Experience the Future of Trading with RobotBulls

For traders seeking to harness the potential of digital currencies through a secure, efficient platform, RobotBulls offers a powerful solution. To explore how RobotBulls can transform your trading experience, visit robotbulls.com.

Contact Info:
Name: Lin
Email: Send Email
Organization: Robot Bulls
Phone: +41795354362
Website: https://www.robotbulls.com/

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Alleged crypto scammers arrested in $73 million 'pig butchering' scheme

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Alleged crypto scammers arrested in $73 million 'pig butchering' scheme

The Justice Department said on Friday that it arrested two alleged scammers for laundering “at least” $73 million through shell companies connected to “pig butchering” cryptocurrency investment schemes.

In a pig butchering scam, scammers contact victims online and gain their trust before manipulating them into investing in a fake cryptocurrency.

Daren Li, a 41-year-old dual citizen of China and St. Kitts and Nevis — and resides in China, Cambodia, and the United Arab Emirates, was arrested on April 12 at Hartsfield-Jackson Atlanta International Airport. According to a Justice Department statement, he was subsequently transported to the Central District of California. Yicheng Zhang, 38, a Chinese national and resident of Temple City, California, was arrested on Thursday in Los Angeles, California, the statement said.

The DOJ accused the individuals of having lured victims into depositing money into U.S. accounts. From there, the two allegedly utilized co-conspirators to launder the money through U.S. financial institutions to Bahamas bank accounts, before converting the funds into the stablecoin Tether, also known as USDT.

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“Cryptocurrency investment scams exploit the borderless nature of virtual currency and online communications to defraud victims,” said U.S. Deputy Attorney General Lisa Monaco. “While fraud in the crypto markets takes on many forms and hides in many far-off places, its perpetrators aren’t beyond the law’s reach,” the

Li and Zhang face charges of conspiracy to commit money laundering and six counts of international money laundering. According to the Justice Department, if found guilty, they could be sentenced to a maximum of 20 years in prison for each count.

Two days before announcing the arrests, the Justice Department said it arrested two brothers for allegedly stealing roughly “$25 million worth of cryptocurrency within approximately 12 seconds.” And earlier this month, the department charged ‘Bitcoin Jesus’, a.k.a. Roger Ver, with evading nearly $50 million in taxes.

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Brothers charged with stealing $25 million in Ethereum in 12 seconds — Cryptocurrency heist exploited transaction validation process

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Brothers charged with stealing $25 million in Ethereum in 12 seconds — Cryptocurrency heist exploited transaction validation process

In what U.S. prosecutors are calling the first case of its kind, a pair of brothers have been charged with stealing $25 million worth of cryptocurrency in just 12 seconds. They’re now charged with wire fraud and money laundering for the April 2023 heist.

Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, were reportedly educated at the Massachusetts Institute of Technology (MIT) in mathematics and computer science. Using the skills they learned at MIT, prosecutors say the duo found a way to exploit the Ethereum transaction validation process.

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