On the 8th, the Free Wallet app said, “Dojicoin does not stop. We agree 100% with Elon Musk and Dogecoin. “Purchase Dogecoin from the Crypto Wallet app.” The case began when Musk accused “your app is rotten.”
# “Please unblock your account”
Musk commented, “You must avoid any cryptocurrency apps that do not issue private keys.” He said in a photo where American actor Chuck Norris raised his thumb and said,’Chuck Norris can withdraw bitcoins from Mount Gox (an exchange that went bankrupt due to a bitcoin hacking accident).’ Haha” he also left a comment.
“Our app is online.” (Omitted) You can purchase and trade (cryptocurrency) 24 hours a day, 365 days a year, and we support it. Thank you for using our service. If you need help, please let me know.” “Please unblock my account,” Musk replied. Free Wallet said, “I see. Please wait a second.” Musk replied, “Thank you for fixing it.”
Some people are suspicious of personally holding bitcoins after seeing his tweets.
# Is there any problem with Musk’s continued tweets?
As Musk’s tweet continues, some Twitterians are sending him a mansion asking him to “pump Bitcoin and Dogecoin.” Although Musk did not mention a specific virtual asset through retweets, etc., it is clear that he has become the hottest person in the cryptocurrency industry.
There has been a 20% jump just because he added #bitcoin to his Twitter profile. Whenever he mentioned Dogecoin, Dogecoin skyrocketed. It also entered the top 10 market cap.
Cryptocurrency media Decrypt pointed out that Musk has caused controversy over the past few years by posting inappropriate comments and misinformation on Twitter. Last year, he said, “Tesla stock price is too high,” causing Tesla stock to plunge to less than $60 in minutes. In 2018, he said he was considering buying Tesla stock for $420 per share and making it a private company, but he was fined $20 million to the SEC (Securities and Exchange Commission).
# Pumping and dumping. Can you punish me?
Anderson Keel Partner Attorney Preston Byrne said, “Tesla is known to have a significant stake in Bitcoin, so you should pay a lot of attention when talking about Bitcoin on Twitter.” “We need to be very careful not to manipulate (bitcoin) or make deceptive comments.”
As an example of artificial price manipulation, he cited the’pumping and dumping’ strategy of deliberately mentioning certain assets, pumping prices and selling them. However, since Bitcoin is not considered a security in the United States, if Musk is suspicious of such a crime, the CFTC (US Futures Trading Commission) will decide whether it is a crime or not. Since Ethereum-based tokens are considered securities, the SEC can penalize them.
Bern added that the SEC, CFTC, and the US Department of Justice have the ability to investigate and prosecute any suspected cryptocurrency-related fraud.
On the contrary, Eric Goldman, a professor of law at Santa Clara University, said, “Musk’s tweets are quickly angered due to the nature of online, so it is unclear whether or not to punish them.”
“In general, courts don’t take social media content like Twitter seriously,” he added.