Elon Musk’s $258B Dogecoin Lawsuit Alleging Insider Trading At Risk As Key Attorney QuitsJune 20, 2023
In an unexpected turn of events, one of Elon Musk’s leading in-house lawyers, who was part of the team fighting the $258 billion Dogecoin lawsuit, has left.
This recent development has piqued the crypto community’s interest and raised concern about the lawsuit’s future direction.
Musk’s Legal Team Shake-Up
According to a recent filing in a federal court, Adam Gabor Mehes motioned for leave to withdraw from the $258 billion lawsuit filed by investors alleging the operation of a pyramid scheme to promote Dogecoin. Mehes had been involved in the legal proceedings for a little under a year and actively participated in other legal actions that Tesla/SpaceX CEO Musk was involved in.
As Mehes departed, Tesla’s legal team onboarded another lawyer on Friday, Allison Huebert, to the team representing Musk in the case.
Mired in a year-long legal battle, Musk has repeatedly denied claims of market manipulation and insider trading involving his pet cryptocurrency Dogecoin.
Last week, Musk’s attorney Alex Shapiro refuted allegations that the eccentric CEO owns several digital wallets containing millions of dollars worth of Dogecoin. “You specifically allege, without basis, that the following wallets ‘belong’ to Defendants,” Spiro opined in a lawyer’s letter seen by The New York Post. “You are wrong.”
Several market analyses in the past have pointed out that Musk tweeting about Dogecoin oftentimes pushes its price higher. In 2021, Musk endorsed the memecoin with taglines such as “Dogecoin is the people’s crypto” and proclaimed himself to be the “Dogefather.” The billionaire investor has also previously discussed the prospect of adding a DOGE payment method for Twitter subscription services. His other ventures, Tesla and SpaceX, already accept DOGE as payment for their merch.
Elon Musk’s fate is set to be decided by the United States legal system and the series of accusations against him in the DOGE class action suit. Nevertheless, we can expect his legal team to be adequately staffed and prepared for action.
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