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CDS Crypto News Musk-Dogecoin Case: Appeal Dropped, Legal Claims Retracted

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Musk-Dogecoin Case: Appeal Dropped, Legal Claims Retracted

lectertodd16/11/20241 Mins read273

Musk-Dogecoin Case Appeal Dropped, Legal Claims Retracted

Court Filing Reveals Withdrawal of Appeal in Musk-Dogecoin Case

In a court action alleging that Elon M u sk influenced Dogecoin’s trading, investors have withdrawn their appeal. The withdrawal of the appeal was submitted to a federal court in Manhattan on Thursday evening. U.S. District Judge Alvin Hellerstein’s approval is still pending. Additionally, both sides have retracted their attempts to hold each other legally liable for their purported wrongdoing.

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Musk and Tesla Cleared of Securities Fraud in Dogecoin Lawsuit

In the first lawsuit, Musk and Tesla were accused of insider trading and fraud. According to the lawsuit, Musk used media appearances and Twitter tweets, including on NBC’s “Saturday Night Live,” to manipulate the value of Dogecoin.

Because investors could not fairly rely on Musk’s activities, Judge Hellerstein concluded that they did not amount to securities fraud. Over the course of two years, the plaintiffs made four revisions to their case, first requesting $258 billion in damages.

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Lectertodd is 28 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.