Can Elon Musk Go To Prison For Manipulating Prices And Shilling Shitcoins?

Elon Musk’s tweets have been a bone of contention for a while now. Every time the billionaire tweeted about a

Coin

‘ href=”https://www.newsbtc.com/dictionary/coin/”>coin skyrockets. The CEO of Tesla has been promoting coins that are fondly referred to as “shitcoins” on Twitter.

Musk has started with Doge in February when he tweeted out Doge. Then followed up with Doge is the people’s crypto. This immediately sent the price of the

Coin

‘ href=”https://www.newsbtc.com/dictionary/coin/”>coin. Elon would continue to do these with other altcoins.

One hotly debated topic is the legality of these tweets which seemed to be aimed at manipulating market prices.

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Some people have called this a version of insider trading. But there is nothing like insider trading laws yet in the crypto space due to cryptocurrencies still being heavily unregulated. There are no laws governing market manipulation. With high volatility, digital assets are very prone to be manipulated.

This is not the first time a prominent person has used their platform to shill coins. John McAfee was notorious for shilling ICOs without disclosing he was paid to do so. Which led to his subsequent arrest in Spain.

John McAfee’s Arrest

During the last bull market which started in 2017, ICOs were the big thing. Dozens of ICOs were being released each day and the market became saturated.

In order to get their coins in front of more eyes, the people behind the ICOs went the route of getting influential people to tweet about them. John McAfee was the obvious choice.

He alleged that he collected $105,000 to tweet about a

Coin

‘ href=”https://www.newsbtc.com/dictionary/coin/”>coin Cumrocket which has absolutely no use case besides being a money-grab. The

Source: https://www.bitcoinnewsminer.com/can-elon-musk-go-to-prison-for-manipulating-prices-and-shilling-shitcoins/