Cryptocurrency : Can Elon Musk Go To Jail For Manipulating Prices And Shilling Shitcoins?
Explica .co, 22 June 2021
Elon Musk’s tweets have been a bone of contention for a while now. Every time the billionaire tweeted about a coin, the price of that coin skyrockets. The Tesla CEO has been promoting coins affectionately referred to as “shitcoins” on Twitter.
Musk started with Doge in February when he tweeted Doge. Then followed by Doge is people’s crypto. This immediately caused the price of the coin to skyrocket when people started buying the coin. Elon would continue to do so with other altcoins.
A hotly debated topic is the legality of these tweets that appeared to be aimed at manipulating market prices.
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Some people have called this an insider trading version. But there is still nothing like insider trading laws in the crypto space because cryptocurrencies are still very loosely regulated. There are no laws governing market manipulation. With high volatility, digital assets are very prone to manipulation.
This is not the first time that a prominent person has used their platform to sell coins. John McAfee was known for checking ICOs without revealing that he was paid to do so. What led to his subsequent arrest in Spain.
