The ongoing Dogecoin (DOGE) insider trading case involving Tesla CEO Elon Musk has taken a new turn, as Musk’s key attorney, Adam Gabor Mehes, has filed a motion to withdraw counsel.
With the DOGE price teetering on the edge of uncertainty, investors are left wondering if it’s the right time to buy into the popular meme coin as the legal drama unfolds.
The Dogecoin Drama: A Look into Musk’s Legal Troubles
Musk stands accused of using his social media influence to pump the DOGE price, then selling off his holdings when the price peaked.
The lawsuit alleges that Musk made use of $95 million worth of Dogecoin (DOGE) for personal gain, citing transactions that occurred between April 3 and April 6, which were allegedly connected to digital wallets held by Musk and Tesla.
During the period in question, the Twitter logo, which is owned by Musk, was replaced with the Dogecoin logo.
This change resulted in a significant 30% increase in the DOGE price, which rose from $0.07705 to $0.10109.
In response to these allegations, Musk’s attorney Alex Spiro countered the plaintiff’s attorney Evan Spencer, stating, “You specifically allege, without basis, that the following wallets ‘belong’ to Defendants.”
Spiro continued, “You are wrong.” Despite claims that Elon Musk’s wallet contained more than $25 billion worth of Dogecoin, Musk has denied all accusations.
How Elon Musk’s Legal Troubles are Affecting Dogecoin Investors
Legal records indicate that Mehes collaborated with the ex-CEO of Twitter for slightly more than a year and played an active role in multiple legal proceedings. The reason behind his decision to withdraw counsel remains unclear.
This recent event follows a leaked correspondence from the legal representatives of Elon Musk to the New York Post.
In the letter, Musk refuted claims of possession of particular crypto wallets that have been linked to potentially dubious Dogecoin (DOGE) trades.
Meanwhile, Tesla has brought on board Allison Huebert as a new attorney. Huebert comes with a strong background as a former litigation associate at Quinn Emanuel.
Musk had previously tweeted about creating a “hardcore litigation department” and hired Mehes a few months later.
As the lawsuit continues to make headlines, the DOGE price could potentially be affected by the outcome.
As of writing, DOGE is trading at $0.06563, up by 3.96% in the last 24 hours.
Despite the improving cryptocurrency market sentiment, investors may want to keep a close eye on the developments of this case and weigh the potential risks before deciding whether it’s too late to buy Dogecoin.
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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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